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."
Published first on TheFly
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