Goldman Sachs analyst Alexander Blostein upgraded Charles Schwab to Buy from Neutral with a $98 price target, representing 18% upside. The analyst’s analysis suggests the company’s deposits balances should trough by mid-2023, "unlocking significant earnings power." 2023 consensus earnings estimates still need to adjust lower, but the market will look through it as signs of deposit stabilization emerge over the coming quarters, Blostein tells investors in a research note. The analyst expects Schwab’s annual earnings growth to accelerate to greater than 20% over the next two years, "with sustainable tailwinds beyond that."
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly
See today’s best-performing stocks on TipRanks >>
Read More on SCHW:
- Hedge Funds Showering Love on These 2 Finance Stocks
- BofA Turns on Brokerages Pre-SEC Revamp
- Charles Schwab price target lowered to $83 from $85 at Barclays
- E*TRADE from Morgan Stanley eliminates commissions for all online mutual funds
- ‘Patience Pays Off’: Billionaire Ken Fisher Loads Up on These 2 ‘Strong Buy’ Stocks