These Analysts Cut Their Forecasts On Charles Schwab After Q2 Results

The Charles Schwab Corporation (NYSE: SCHW ) posted better-than-expected reported second-quarter results on Tuesday .

Adjusted net income declined 2% Y/Y to $1.465 billion. Adjusted EPS fell 3% Y/Y to 73 cents, beating the consensus of 72 cents, according to data from Benzinga Pro . Revenue rose 1% to $4.69 billion, beating the consensus of $4.68 billion. Asset management and administration fees rose 18% Y/Y to $1.38 billion.

The company's new brokerage accounts increased 4% Y/Y to 35.6 million.

Walt Bettinger, Co-Chairman and CEO, said, "Client interest in our broad array of wealth solutions remained strong through June. Year-to-date enrollments are up ~30% versus the prior year period and net flows into Managed Investing solutions reached $25 billion – an increase of 56% versus the first 6 months of 2023."

Charles Schwab shares fell 10.2% to close at $67.43 on Tuesday.

These analysts made changes to their price targets on Charles Schwab after the company released quarterly results.

• TD Cowen analyst Bill Kirk downgraded the rating for Charles Schwab from Buy to Hold and lowered the price target from $88 to $71.
• B of A Securities analyst Craig Siegenthaler maintained the stock with an Underperform rating and slashed the price target from $72 to $66.

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This article These Analysts Cut Their Forecasts On Charles Schwab After Q2 Results originally appeared on Benzinga.com

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