Why Charles Schwab Stock Slumped on Wednesday
An analyst's price target cut ended up cutting the share price of Charles Schwab (NYSE: SCHW) on Wednesday. Although the reduction wasn't drastic and the pundit behind it actually increased some estimates, investors took this to heart and sold out of the financial stock. It closed the day down nearly 2% in value.
The person behind this move was Truist Securities' David Smith. That morning, Smith shaved his Schwab price target to $120 per share from his previous $122. He maintained his buy recommendation on the shares as he did so.
Image source: Getty Images.
Source Fool.com
