UBS analyst Brennan Hawken upgraded Charles Schwab (SCHW) to Neutral from Sell with a price target of $50, up from $35. The analyst says the new price target assumes a 20-times forward earnings multiple vs. 14-times prior, with the benefits of eliminating $1.9B of expenses related to the TD Ameritrade (AMTD) merger offsetting the "environmental pressure and 'cash sorting' that drove his prior caution. Hawken further notes that investors may see an "attractive entry point" in time, but he remains concerned with revenue dis-synergy at TD Ameritrade, where clients may seeks to avoid a risk related to service integration in its active trader platform and which may see E-Trade (ETFC) picking up market share as a result.