Charles Schwab price target raised to $53 from $46 at BofA

BofA analyst Craig Siegenthaler raised the firm’s price target on Charles Schwab to $53 from $46 and keeps an Underperform rating on the shares after the company reported net MMF flows of $15B in May and guided to a Q2 net revenue decline of 10%-11% year-over-year. Management reiterated its belief that the majority of its temporary funding would be repaid before the end of 2024, but the firm believes this is “an ambitious goal” given current sorting trends and supplemental funding, though it also thinks it could be achieved if Charles Schwab decides to sell a portion of MBS to pay down liabilities, the analyst tells investors.