Charles Schwab Corp. (SCHW) PT Lowered to $61 at Barclays; 'consensus too high'

Barclays analyst Benjamin Budish lowered the price target on Charles Schwab Corp. (NYSE: SCHW) to $61.00 (from $79.00) while maintaining a Equalweight rating.

"The end result of our model update is a meaningful EPS revision down to $3.79 in F24, from $5.28 prior. Our updated price target of $61 is based on 16x our new F24 EPS estimate. Our multiple is unchanged; while we see heightened regulatory risk, we are otherwise encouraged by ongoing strong NNA growth, particularly within the month of March ($16.5B over the 3/10- 3/16 period) as was disclosed previously by the company."

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