Analyst Craig Siegenthaler cuts rating on Schwab to underperform from buy and slashes price target to $75 from $94 as investors migrate to money-market funds.
BofA Securities on Thursday announced a rare double downgrade of Charles Schwab Corp. as the online broker’s stock fell sharply for the second straight day after its quarterly results.
Schwab’s... BofA Securities on Thursday announced a rare double downgrade of Charles Schwab Corp. as the online broker’s stock fell sharply for the second straight day after its quarterly results. But the company faces balance-sheet shrinkage as clients take part in “cash sorting” by pulling deposits out of Schwab and putting money into higher-yielding money-market funds and bond funds.
Schwab said it increased its liquidity during the fourth quarter by limiting new portfolio investments to help build available cash and used a “limited amount of short-term funding sources,” including Federal Home Loan Bank advances and retail certificates of deposit.
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