Charles Schwab initiated with an Outperform at BMO Capital

BMO Capital analyst Brennan Hawken initiated coverage of Charles Schwab (SCHW) with an Outperform rating and $110 price target The firm said that while Schwab’s balance sheet healing is “largely reflected” in consensus, a new approach to managing the balance sheet isn’t, adding that this “bank-lite” strategy should drive capital efficiency and “potentially supporting an improving valuation.”