Charles Schwab initiated with a Market Perform at TD Cowen

TD Cowen initiated coverage of Charles Schwab with a Market Perform rating and $77 price target. The company’s client cash sorting risks are quickly dissipating, the analyst tells investors in a research note. Charles Schwab also offers a clear line of sight toward balance sheet repair and strong net new asset growth, the firm adds, stating that the company should be a retail market share beneficiary while generating favorable operating leverage.