Charles Schwab upgraded to Neutral from Sell at Redburn Atlantic

Redburn Atlantic analyst Charles Bendit upgraded Charles Schwab (SCHW) to Neutral from Sell with a price target of $82, up from $65. Schwab is the dominant player in the two fastest growing segments of the U.S. retail wealth management market – the self-directed market and the independent registered investment advisor custody market, the analyst tells investors in a research note. The firm says that after more than two years of dealing with the cash sorting issues and negative earnings revisions, there are signs that pressure on cash sweep is alleviating, allowing for the paydown of high-cost funding.