Keefe Bruyette downgraded Charles Schwab to Market Perform from Outperform with a price target of $70, down from $75. The analyst still likes the Schwab story over a multi-year view with eventual tailwinds from cash troughing, getting back to share repurchases, and significant back-book repricing. However, these catalysts “will simply take time to play out, with most of them 2025 events,” the analyst tells investors in a research note. The firm views 2024 as a “transition year” for the company.
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