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Fly News Breaks for October 16, 2018
SCHW
Oct 16, 2018 | 08:24 EDT
Argus analyst Stephen Biggar kept his Buy rating and $69 price target on Charles Schwab after its Q3 results yesterday that saw earnings and revenue come in line with consensus. The analyst notes that the 19% increase in net revenue accelerated from the 17% pace in Q2, adding that client assets also rose 12% while the balance sheet expansion tracked close to meeting the company's 15% growth target for FY18. Biggar believes that shares of Charles Schwab are "undervalued", trading at 16-times forward earnings but warrant a multiple in the mid-20s.
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