UPDATE: SunTrust Reiterates 'Hold' Rating on Charles Schwab (SCHW)
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(Updated - October 18, 2016 7:47 AM EDT)
(Correction: stock was not upgraded to Buy, remains Hold.)
SunTrust Robinson Humphrey reiterated a Hold rating on Charles Schwab Corp. (NYSE: SCHW) with a price target of $33 (prior $32). Comments follow the release of Q3 results.
Analyst Douglas Mewhirter said, "We reiterate our Hold rating on SCHW shares following the company's 3Q16 earnings release. We have increased our 2016 and 2017 estimates to $1.29 and $1.51 from $1.24 and $1.46, respectively, primarily reflecting a more positive short-term interest rate outlook. We could further adjust estimates by $0.01-$0.03 following Friday's business update call. We have increased our price target to $33 (from $32), which equals 22x 2017E EPS and represents what we believe is a deserved premium to the group, based on the company's superior strategic position."
Shares of Charles Schwab Corp. closed at $31.69 yesterday.
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