Charles Schwab downgraded to Market Perform from Outperform at BMO Capital

BMO Capital downgraded Charles Schwab (SCHW) to Market Perform from Outperform with an unchanged price target of $105. The firm cites valuation for the downgrade following the stock’s recent rally. While Schwab’s fundamentals remain strong, the stock’s risk/reward is more balanced at current levels, the analyst tells investors in a research note. BMO does not believe the “overhang from cash monetization fears will ease anytime soon.” Schwab’s revenue diversification provides offsets, but the benefits will take time and success is not assured, adds the firm.

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