Charles Schwab downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley analyst Michael Cyprys downgraded Charles Schwab to Equal Weight from Overweight with a price target of $68, down from $99. The stock is down down 30% month-to-date, but there remains "limited visibility on multiple variables," the analyst tells investors in a research note. The firm says Schwab’s investment thesis has been pushed out and that it has less confidence around the timing of an improvement.