Charles Schwab Corp. was lifted to buy from neutral on Monday by Citigroup analysts, who see a a “compelling entry point” from a 23% drop over two days....
Charles Schwab Corp.
was lifted to buy from neutral on Monday by Citigroup analysts, who see a a “compelling entry point” from a 23% drop over two days. Shares of the financial services company, down 7% in premarket trading, have been hit by fallout from the failure of Silicon Valley Bank. “We see near-term revenue/earnings headwinds from rising funding costs and continued client cash sorting, but we believe these are reflected in the current stock price.
was lifted to buy from neutral on Monday by Citigroup analysts, who see a a “compelling entry point” from a 23% drop over two days. Shares of the financial services company, down 7% in premarket trading, have been hit by fallout from the failure of Silicon Valley Bank. “We see near-term revenue/earnings headwinds from rising funding costs and continued client cash sorting, but we believe these are reflected in the current stock price.
given the composition of its deposit base and customer protections ,” said Citi analysts Christopher Allen and Alessandro Balbo. They noted that Schwab pointed to $100-$150 billion in funding capacity from supplemental liquidity sources — retail CD’s, Federal Home Loan Banks advances and wholesale funding/repos. It had borrowed $17.1 billion from external debt facilities and $6.05 billion from retail brokered CD’s by end 2022, while from year-end through Feb., it borrowed an extra $16.
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