Truist analyst David Smith notes Charles Schwab (SCHW) has reported positive February metrics. In the firm’s view, the most helpful was seasonally adjusted Net New Assets continuing to accelerate to +5.2% annualized, above the 5%-7% long-term target range for the first time in 2 years. Truist is updating its model with a haircut to EPS for lower rates, but slower NNA growth has been the key issue holding back the stock, and the firm still sees solid upside from here. Truist keeps a Buy rating on the shares with a price target of $91.
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