Why Charles Schwab Stock Got Socked Today
A price target chop was the news item dinging Charles Schwab (NYSE: SCHW) stock on Friday. It wasn't the first such move over the past few business days, and that collective bearishness worsened investor sentiment. The storied brokerage's shares fell by nearly 3% that trading session as a result.
Well before market open that day, Michael Cyprys from ever-influential investment bank Morgan Stanley reduced his fair value assessment on Schwab's equity. To him, it's now worth $135 per share, down some distance from his previous level of $148. Despite the slice, Cyprys remains bullish on the company, as he maintained his overweight (i.e., buy) recommendation.
Source Fool.com
