Following up on this morning’s note that Deutsche Bank raised Charles Schwab (SCHW) to “Buy” from “Hold.” Analyst Michael Carrier today raised the stock’s target to $25 from $18, writing that there’s 60% to 80% upside over the next two to three years as the company benefits from fund flows, rates and margins. The upgrade is part of a triple header, with Carrier raising T. Rowe Price (TROW) to “Buy” from Hold” with a $57 price target, based on improving 401K flows, and a “gradual” shift into equities; and lowering Franklin Resources (BEN) to “Hold” from “Buy,” while lowering his price target to $115 from $125. Carrier suggests industry trends that have favored Franklin since June will now give more of a lift to T. Rowe.
Schwab shares are up 67 cents, or 3.8%, to $18.01, T.Rowe is up $1.96, or 3.9%, at $51.99, and Franklin Resources rose $1.05, or 1%, to $105.33.
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