Charles Schwab price target raised to $78 from $76 at Raymond James

Raymond James analyst Patrick O’Shaughnessy raised the firm’s price target on Charles Schwab to $78 from $76 and keeps an Outperform rating on the shares. Recent data continues to indicate that client cash sorting at Schwab is tapering, which should support balance sheet stabilization and pay down of high-cost, short-term funding, and near-term disruptions from the TD Ameritrade integration appear to largely be in the rear-view mirror at the end of 2023, the analyst tells investors in a research note. The firm expects a “substantial” rebound in EPS in 2024 and 2025.