Truist raised the firm’s price target on Charles Schwab (SCHW) to $91 from $90 and keeps a Buy rating on the shares. The firm is updating its model after the announcement that TD Bank (TD) will be selling its 10% stake in the company, with Schwab participating in the secondary offering with a buyback of $1.5B, the analyst tells investors in a research note. This is larger than the $750M that Truist had modeled previously for Q1, the firm adds.
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