Charles Schwab price target lowered to $85 from $86 at JPMorgan

JPMorgan analyst Kenneth Worthington lowered the firm’s price target on Charles Schwab to $85 from $86 and keeps an Overweight rating on the shares. The company reported a Q1 earnings beat on better cost management and lower preferred stock costs, the analyst tells investors in a research note. The business itself is performing well with strong asset gathering and account generation, but "cash sorting seems to be taking its toll," says the firm.