Charles Schwab price target raised to $70 from $62 at Barclays

Barclays raised the firm’s price target on Charles Schwab to $70 from $62 and keeps an Equal Weight rating on the shares post the Q2 report. The company’s earnings beat, but the biggest surprise was $500M of incremental cost saves, the analyst tells investors in a research note. The firm says the cost saves and an improving cash sorting backdrop drove up its estimates and price target.