Charles Schwab strong move after ‘good’ Q2 ‘justified,’ says Deutsche Bank

Deutsche Bank analyst Brian Bedell views Charles Schwab’s Q2 EPS report as being “overall better than expected” and sees the Q2 results, management outlook and business update as having the potential to drive “at least modest upward revisions” to consensus estimates for the second half and 2024. Given this, the firm sees the strong move post-earnings as “being justified and reiterates a Buy rating with a $70 price target, adding that it will revisit its earnings model after following up with Charles Schwab investor relations this afternoon.