Charles Schwab price target raised to $87 from $84 at Deutsche Bank

Deutsche Bank raised the firm’s price target on Charles Schwab to $87 from $84 and keeps a Buy rating on the shares. The analyst views Schwab’s Q1 report as being “relatively good,” with total net revenue above consensus and the growth rate of 6.3% above guidance. The expense side was also better than expected, driving a core adjusted operating margin of 40.9%, 100 basis points better than estimates, the analyst tells investors in a research note. The firm also found the company’s business update commentary to be mostly positive. The March metrics and earnings call commentary continue to support the thesis that cash sorting is no longer a key focus, says Deutsche Bank.