Morgan Stanley downgraded Charles Schwab Corp (NYSE:SCHW) to "equal weight" from "overweight," and cut its price target to $68 citing an "extended earnings recovery timeline." SCHW is dropping in response, down 4.4% at $52.81 at last check, adding to its 36.4% year-to-date deficit.
The security slipped to a Mar. 13, two-year low of $45 at the height of the bank sector selloff, after careening below long-termsupport at the $75 level as well as its 200-day moving average. Now, some pressure appears to be forming at the $56 level.
Of the 22 analysts in coverage, seven carried a "hold" or worse rating coming into today, with the majority still leaning bullish. The equity could see some more bear notes, as the 12-month consensus price target of $80.42 is a hefty 51.4% premium to current levels.
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