Why Charles Schwab Stock Bumped Nearly 4% Higher Today
Key Points
He flagged it as a buy.
Two other analysts reduced their price targets on the shares that day, however.
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Several analysts tracking Charles Schwab (NYSE: SCHW) weighed in with fresh takes on the brokerage on Wednesday. Of these, investors clearly chose to take the most positive one to heart, and they collectively traded the company's stock up by almost 4% that trading session.
A new bull says buy
That analyst is Keefe, Bruyette & Woods' Chris Allen, who has assumed coverage of Charles Schwab. This is good for the company and its shareholders, as Allen tagged it with an outperform (buy, in other words) recommendation. He also set a price target of $110 per share, which is almost 14% higher than the stock's current level.
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The reasoning behind Allen's bullish stance wasn't immediately apparent.
They aren't universally shared, either. Also on Wednesday, two of the pundit's peers went in a bearish direction with their Charles Schwab updates. Barclays' Benjamin Budish reduced his price target, albeit modestly, from $126 per share to $117, while maintaining his overweight (buy) recommendation.
Over at UBS, analyst Michael Brown gave his fair value assessment a trim, lowering it to $125 per share from $119. He mirrored the generally optimistic sentiment on the financial company by also keeping his buy recommendation intact.
A good stock for our time
I think investors followed the sentiment of the right analyst on Hump Day. All things being equal, brokerages do well when securities markets do well, and ours continue to barrel along. Charles Schwab is also adept at providing numerous other offerings, such as wealth management and advisory services, to attract and keep clients. I continue to like this stock.
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Charles Schwab is an advertising partner of Motley Fool Money. Eric Volkman has positions in Charles Schwab. The Motley Fool recommends Barclays Plc and Charles Schwab and recommends the following options: short March 2026 $100 calls on Charles Schwab. The Motley Fool has a disclosure policy.
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