Charles Schwab price target lowered to $65 from $75 at Citi

Citi analyst Christopher Allen lowered the firm’s price target on Charles Schwab to $65 from $75 and keeps a Buy rating on the shares. The stock has been under consistent pressure as there has been "healthy debate" on the continued impact of client cash sorting and where Schwab’s balance sheet financing shakes out, the analyst tells investors in a research note. The firm reduced estimates to reflect more conservative financing assumptions. However, it is too early to tell where deposit levels settle given the range of factors, says the firm. It acknowledges that the stock could be range-bound pending more clarity on client cash dynamics, but still believes current levels will prove to be an attractive entry point for those with longer-term time horizons.