The company has an 'under-appreciated earnings and capital return opportunities,' according to Goldman Sachs.
This could be a strong year for Charles Schwab , according to Goldman Sachs. Analyst Alexander Blostein upgraded shares to buy from neutral. The analyst also has a price target of $98 per share, implying upside of roughly 20% from Tuesday's close. Shares rose more than 1% on Wednesday. "We think that most of the macro-driven earnings upside from higher rates is already in the run-rate, but select upside opportunities still exist," Blostein wrote in a Wednesday note.
"Importantly, with terminal rates likely stabilizing at the highest rate since the GFC, we think the sector's significantly enhanced earnings power should not be ignored , driving both accelerated share repurchases and more inorganic opportunities," Blostein added. Charles Schwab has "under-appreciated earnings and capital return opportunities" through 2024 that will boost the stock, according to the analyst.
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