Charles Schwab price target raised to $74 from $70 at Deutsche Bank

Deutsche Bank raised the firm’s price target on Charles Schwab to $74 from $70 and keeps a Buy rating on the shares. The analyst views Schwab’s Q2 results and outlook as supporting the company’s view around the abatement of client deposit runoff and the subsequent path to repaying temporary high cost borrowing and re-establishing its core earnings power trajectory. While some “modest uncertainty” remains on the near-term timing of the earnings recovery, Schwab’s consensus estimates were cut too substantially following the Q1 results, the analyst tells investors in a research note.