Charles Schwab double downgraded to Underperform at BofA

As previously reported, BofA analyst Craig Siegenthaler double downgraded Charles Schwab (SCHW) to Underperform from Buy with a price target of $75, down from $92, citing his view that client cash sorting will continue at an elevated pace in the first half of the year, pressuring liquidity, interest earnings assets and bank deposit account levels. He also believes the Fed will end its interest rate hiking cycle this summer, which will remove a "powerful near-term profit driver" for Schwab, added Siegenthaler, who is more cautious on rate-sensitive brokers such as Schwab and LPL Financial (LPLA).