Charles Schwab (SCHW) stock surged 5.18% in pre-market trading on Tuesday, as the financial services giant received a significant upgrade from Morgan Stanley and benefited from a broader market rebound.
Morgan Stanley raised its rating on Charles Schwab to Overweight from Equalweight, although it adjusted its price target to $76 from $91. This upgrade comes as part of a wider recovery in U.S. asset managers' shares, following three sessions of tariff-related market turmoil. The positive sentiment was further reinforced by Jefferies, which maintained its Buy rating on Charles Schwab while slightly lowering its price target to $89 from $95.
The stock's significant uptick aligns with the overall market recovery, as investors anticipate potential negotiations over U.S. tariffs. This rebound is particularly notable for asset managers like Charles Schwab, which had faced pressure due to concerns about potential fee reductions in the event of a prolonged market decline caused by trade tensions. As markets show signs of stabilization, Charles Schwab's strong position in the financial services sector appears to be attracting renewed investor interest.
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