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SCHW

Charles Schwab

$44.09

-0.19 (-0.43%)

, ETFC

E-Trade

$49.12

-0.61 (-1.23%)

08:44
07/26/19
07/26
08:44
07/26/19
08:44

Schwab deal positive for E-Trade, negative for Victory, says Morgan Stanley

After Charles Schwab (SCHW) announced an agreement to acquire assets of USAA's Investment Management Company, including brokerage and managed portfolio accounts, for $1.8B in cash, Morgan Stanley analyst Michael Cyprys said he believes mid-single digit accretion is achievable with upside potential. In terms of read-across to others in the industry, he thinks the acquisition could raise prospects for greater brokerage/wealth management industry consolidation in which peers, including E-Trade (ETFC) and TD Ameritrade (AMTD), could potentially benefit, Cyprys tells investors. However, he believes Schwab's acquisition could be negative for Victory Capital (VCTR) as it introduces significant competition within the USAA membership network. Cyprys keeps an Overweight rating on Charles Schwab shares with a $48 price target.

SCHW

Charles Schwab

$44.09

-0.19 (-0.43%)

ETFC

E-Trade

$49.12

-0.61 (-1.23%)

VCTR

Victory Capital

$19.07

0.06 (0.32%)

AMTD

TD Ameritrade

$52.03

-0.4 (-0.76%)

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SCHW Charles Schwab
$44.09

-0.19 (-0.43%)

07/22/19
WELS
07/22/19
UPGRADE
Target $50
WELS
Outperform
Charles Schwab upgraded to Outperform from Market Perform at Wells Fargo
Wells Fargo analyst Christopher Harris upgraded Charles Schwab to Outperform from Market Perform and raised his price target for the shares to $50 from $42. Schwab's business is nearing an inflection point, Harris tells investors in a research note. He expects accelerating growth in "several key areas" and is encouraged by updated guidance from the company, which "infers considerably less interest rate sensitivity than previously noted and flexibility on expenses." This could drive consensus earnings revisions "from negative to positive," which should be a catalyst for the stock, contends the analyst.
07/17/19
ARGS
07/17/19
NO CHANGE
Target $52
ARGS
Buy
Charles Schwab price target lowered to $52 from $57 at Argus
Argus analyst Stephen Biggar lowered his price target on Charles Schwab to $52 after its Q2 results, saying that while the company topped consensus on earnings, its net interest revenue came in weaker. The analyst maintains his Buy rating on the stock longer term, stating that although the slowdown in revenue growth from lower interest rates weighed on its shares, the company has "several positive drivers" such as "strong" account growth, "innovative" low-cost products that are capturing market share, and operating expense leverage.
07/17/19
DBAB
07/17/19
NO CHANGE
Target $41
DBAB
Hold
Charles Schwab net interest revenue risk underappreciated, says Deutsche Bank
While Charles Schwab's Q2 results were relatively in line with estimates, investors are underappreciating the downside risk to net interest revenue given the lower interest rate environment and the lack of growth in the company's balance sheet cash, Deutsche Bank analyst Brian Bedell tells investors in a research note. He sees the stock getting pressured on Friday during Schwab's business update, as he expects management to reemphasize a flat balance sheet this year along with an expectation for a net interest margin closer to 240 basis points versus a previous mid-240s expectation. Bedell lowered his price target for Charles Schwab to $41 from $43 and keeps a Hold rating on the name.
07/15/19
GSCO
07/15/19
NO CHANGE
Target $44
GSCO
Buy
Charles Schwab deal report points to wealth management push, says Goldman Sachs
After The Wall Street Journal reported that Charles Schwab is in talks to acquire the brokerage and wealth-management operations of USAA for roughly $2B, Goldman Sachs analyst Will Nance said he takes no view on the likelihood of any transaction but he does expect that investors will focus on the strategic rationale of a larger push into wealth management and near term financial implications of any deal if one is announced. The article said that the potential deal would push Schwab further into wealth management, which would have implications for potential cost savings, which would likely be lower given the significant employee costs of a wealth platform, noted Nance. He keeps a Buy rating and $44 price target on Charles Schwab shares, which are up 25c, or 0.6%, to $40.38 in afternoon trading.
ETFC E-Trade
$49.12

-0.61 (-1.23%)

07/19/19
JMPS
07/19/19
NO CHANGE
Target $63
JMPS
Market Perform
E-Trade price target raised to $63 from $61 at JMP Securities
JMP Securities analyst Devin Ryan raised his price target on E-Trade to $63 after its Q2 results, saying the earnings were impacted by balance sheet repositioning related losses, without which EPS would have topped consensus at $1.14. The analyst expects these efforts to yield a "modest net positive" in that they free up capital to "significantly" expand buybacks to take advantage of E-Trade's current share price. Ryan also keeps his Market Perform on the stock.
07/11/19
MSCO
07/11/19
DOWNGRADE
Target $53
MSCO
Equal Weight
Morgan Stanley downgrades TD Ameritrade to Equal Weight, prefers Charles Schwab
As previously reported, Morgan Stanley analyst Michael Cyprys downgraded TD Ameritrade (AMTD) to Equal Weight from Overweight ahead of Q2 reports from the North American brokers, stating that he sees a more challenging path to revenue growth given the less favorable interest rate and client cash environment. He lowered his EPS estimates across the discount broker stocks he covers by 4% on average for 2019 and by an average of 6% for 2020, noting that he cut his estimates the most for TD Ameritrade in 2020, lowering them by 11% due to lower yields and client cash balances. While 2019 is "shaping up to be a tough year for eBrokers' stocks," Cyprys said he sees Charles Schwab (SCHW) as best positioned for an upside surprise given what he views as "overly bearish" investor sentiment. He cut his price target on TD Ameritrade shares to $53 from $61, lowered his target on Charles Schwab shares to $46 from $53, and dropped his target on E-Trade (ETFC) shares to $55 from $61.
02/20/19
UBSW
02/20/19
DOWNGRADE
Target $51
UBSW
Neutral
E-Trade downgraded to Neutral from Buy at UBS
UBS analyst Brennan Hawken downgraded E-Trade Financial to Neutral and lowered his price target for the shares to $51 from $58. The analyst wonders what catalysts could move the shares "materially higher" amid "mounting cyclical concerns." He cites the "extended time frame tied to current targets" and a low likelihood of a strategic transaction as the reasons for the downgrade. He sees "more compelling places to allocate capital."
02/20/19
02/20/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. CVS Health (CVS) downgraded to Market Perform from Outperform at Wells Fargo with analyst Peter Costa citing its "continued failure" to stabilize its existing businesses, particularly the long-term care business, after two years of pressure. 2. Southwest (LUV) downgraded to Sell from Neutral at Goldman Sachs with analyst Catherine O'Brien saying Southwest's fiscal 2019 pretax margin will decline 60 basis points due to the dilutive impact of its new Hawaii flying and unit cost ex-fuel pressures. 3. Charles Schwab (SCHW) downgraded to Sell from Neutral at UBS, while E-Trade (ETFC) was downgraded to Neutral from Buy. 4. Palo Alto Networks (PANW) downgraded to Hold from Buy at Gabelli with analyst Hendi Susanto citing valuation. 5. Teva (TEVA) downgraded to Neutral from Buy at Mizuho with analyst Irina Koffler saying her investment thesis is "broken" after Teva's "disappointing 2019 guidance and cautious longer-term outlook." This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
VCTR Victory Capital
$19.07

0.06 (0.32%)

07/23/19
GSCO
07/23/19
UPGRADE
Target $24
GSCO
Buy
Victory Capital reinstated with a Buy from Neutral at Goldman Sachs
Goldman Sachs analyst Alexander Blostein upgraded Victory Capital Holdings to Buy from Neutral with a $24 price target after reinstating coverage of the name. Although Victory faces many of the same challenges affecting the traditional asset management industry, the stock's valuation is "unreasonably low" at a time when the company's fundamentals are starting to strengthen, Blostein tells investors in a research note. He believes the completion of the USAA Asset Management acquisition creates "considerable" earnings accretion while also diversifying the company's asset mix.
06/11/19
06/11/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. FormFactor (FORM) initiated with a Buy at Needham. 2. Victory Capital (VCTR) initiated with a Perform at Oppenheimer. 3. Agilent (A) initiated with an Overweight at Piper Jaffray. 4. Danaher (DHR) initiated with a Neutral at Piper Jaffray. 5. Amag Pharmaceuticals (AMAG) initiated with an Overweight at Barclays. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
07/02/19
RILY
07/02/19
NO CHANGE
Target $24
RILY
Buy
Victory Capital price target raised to $24 from $20 at B. Riley FBR
B. Riley FBR analyst Randy Binner raised his price target for Victory Capital to $24 from $20 and keeps a Buy rating on the shares following the close of the USAA acquisition. Victory announced that it expects 2019 earnings to grow more than 40%, with 2020 expected at more than 100%, Binner tells investors in a research note.
07/09/19
MSCO
07/09/19
NO CHANGE
MSCO
Morgan Stanley sees C-corp conversion announcement coming from Carlyle
Morgan Stanley analyst Michael Cyprys said he recommends owning Carlyle Group (CG) shares into the quarter, as he believes the company will announce plans to convert to a C-corporation along with its upcoming report, "albeit with a delayed effective date" to allow time for the complex underlying tax impact analysis. He thinks a conversion could bring greater clarity and visibility into targets, which could increase long only interest in the stock, Cyprys tells investors. In his broader preview of the earnings season for the Asset Manager group, the analyst noted that he lowered his Q2 EPS estimates by about 4% on average, cutting his estimates for Traditionals by 0.5%, for Alts by 11.5% and for Market Structure companies by 1.6%.
AMTD TD Ameritrade
$52.03

-0.4 (-0.76%)

07/11/19
MSCO
07/11/19
DOWNGRADE
MSCO
Equal Weight
TD Ameritrade downgraded to Equal Weight from Overweight at Morgan Stanley
Morgan Stanley analyst Michael Cyprys downgraded TD Ameritrade to Equal Weight from Overweight.
04/24/19
DBAB
04/24/19
NO CHANGE
DBAB
Buy
TD Ameritrade selloff a good buying opportunity, says Deutsche Bank
Deutsche Bank analyst Brian Bedell views today's post-earnings selloff in shares of TD Ameritrade as a good buying opportunity. The stock in afternoon trading is down 4% to $52.03.
07/11/19
DBAB
07/11/19
NO CHANGE
DBAB
Deutsche starts 'Catalyst Call' pair trade of long Ameritrade, short Schwab
Deutsche Bank analyst Brian Bedell initiated a short-term "Catalyst Call" pair trade idea of long TD Ameritrade (AMTD) against Charles Schwab (SCHW). The analyst expects Ameritrade to outperform Schwab by at least ~5% through the Q2 earnings season.

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PINC

Premier

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0.26 (0.18%)

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$276.18

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14:28
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Earnings
Notable companies reporting after market close »

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1.37 (1.30%)

HPQ

HP Inc.

$18.95

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GPS

Gap

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SPLK

Splunk

$117.83

-10.68 (-8.31%)

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$NSD

NASDAQ Market Internals

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NASDAQ market internals summary »

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$NYE

NYSE Market Internals

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14:16
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NYSE market internals summary »

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WLL

Whiting Petroleum

$8.41

-0.28 (-3.22%)

14:15
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Whiting Petroleum put volume heavy and directionally bearish »

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NWS

News Corp

$14.48

0.02 (0.14%)

, NWSA

News Corp.

$14.17

0.07 (0.50%)

14:12
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Periodicals
News Corp prepares news app to address concerns with Google, Facebook, WSJ says »

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NWS

News Corp

$14.48

0.02 (0.14%)

NWSA

News Corp.

$14.17

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GOOGL

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$1,192.10

1.84 (0.15%)

FB

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AMZN

Amazon.com

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BTHE

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AAPL

Apple

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, BABA

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SEDG

SolarEdge

$80.94

-6.93 (-7.89%)

13:55
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Options
SolarEdge put volume heavy and directionally bearish »

Bearish flow noted in…

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BNPQY

BNP Paribas

$0.00

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13:44
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ETR

Entergy

$111.35

-0.32 (-0.29%)

13:39
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Syndicate
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TELL

Tellurian

$9.04

0.75 (9.05%)

13:25
08/22/19
08/22
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13:25
Options
Tellurian call volume above normal and directionally bullish »

Bullish option flow…

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13:25
08/22/19
08/22
13:25
08/22/19
13:25
General news
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Treasury's $7 B…

13:21
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General news
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30-Yr TIPS Auction…

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General news
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NTRA

Natera

$30.66

0.25 (0.82%)

13:18
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  • 09

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$NSD

NASDAQ Market Internals

$0.00

(0.00%)

13:17
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08/22
13:17
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13:17
Technical Analysis
NASDAQ market internals summary »

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$NYE

NYSE Market Internals

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13:16
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