Citigroup upgraded SCHW to "buy" from "neutral"
Citigroup this morning upgraded bank stock Charles Schwab Corp (NYSE:SCHW) to "buy" from "neutral," with a price-target hike to $102 from $85. The brokerage firm cited improving growth and balance sheet metrics as the company "shifts to offense," per The Fly. At last glance, SCHW was up 0.7% at $78.22.
The majority of analysts were already bullish on Charles Schwab coming into today. Of the 23 firms in coverage, 17 carry a "buy" or better rating, while the 12-month consensus price target of $89.42 is a roughly 14.4% premium to current levels.
On the charts, SCHW is bouncing off the $76 level, which has been a familiar line of both pressure and support over the past few years. The stock has been volatile since its Feb. 11 two-year high of $84.50, but still sports a 5.7% year-to-date lead.
Over in the options pits, calls have been much more popular than usual of late. Charles Schwab stock's 10-day call/put volume ratio of 3.97 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks higher than 96% of readings from the past year.