Charles Schwab price target lowered to $82 from $85 at JMP Securities

JMP Securities analyst Devin Ryan lowered the firm’s price target on Charles Schwab to $82 from $85 and keeps an Outperform rating on the shares. Shares are down 14% since the earnings a week ago due to a combination of softer June metrics and uncertainty around implications of actions by large wealth management peers around raising rates paid to customers on cash in their advisory accounts, the analyst tells investors in a research note. The firm does not anticipate Schwab to provide money market rates on transactional cash and does not think regulators would force the firm to do so.