Charles Schwab price target lowered to $68 from $70 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Charles Schwab to $68 from $70 and keeps an Equal Weight rating on the shares. The firm expects “mixed” Q3 results, with EPS at 75c, in-line with consensus, adding that “all eyes” will be on the scope for September/October recovery in cash sweep balances and net new assets, or NNA, as well as the potential for initial color on 2025 outlook and the pace of EPS improvement expected. The firm sees slower EPS recovery, noting that its 2025 and 2026 EPS estimates are 13% and 1%, respectively, below consensus.