Charles Schwab Analysts See 'Choppy Path' For Bank After Q2 Earnings: 'We Are Not Yet Seeing The Light At The End Of The Tunnel'
Charles Schwab Analysts See 'Choppy Path' For Bank After Q2 Earnings: 'We Are Not Yet Seeing The Light At The End Of The Tunnel'
Charles Schwab Corp (NYSE:SCHW) is under pressure Wednesday after the investing giant warned it will need to become smaller in an effort to protect profitability. Analysts are cutting estimates as a result.
嘉信理財公司(紐交所:SCHW)週三承壓,因這家投資巨頭警告需要縮小規模以保護盈利能力。分析師相繼下調預測。
What To Know: Before the market open on Tuesday, Schwab reported second-quarter revenue of $4.69 billion, beating analyst estimates of $4.68 billion. The company also turned in adjusted earnings of 73 cents per share, beating estimates of 72 cents per share, per Benzinga Pro.
了解以下內容:週二市場開盤前,嘉信報告二季度營業收入爲469億美元,超過分析師預期的468億美元。公司還交出了每股73個美分的調整後收益,超過每股72個美分的預期。
Following the print, JPMorgan analyst Kenneth Worthington cut the firm's price target from $82 to $78 on lower 2025 adjusted earnings expectations. The analyst previously forecasted full-year earnings of $4.81 per share, but now anticipates $4.57 per share.
在該報告發布後,摩根大通分析師肯尼思·沃辛頓(Kenneth Worthington)下調了該公司的股價目標,從82美元下調至78美元,理由是預計2025年的調整後收益將下降。該分析師此前預測全年每股收益爲4.81美元,但現在預計每股收益爲4.57美元。
"While the headline results were largely in line, underlying trends across net new asset growth, interest earning assets, the lack of short-term funding paydown, and lingering (but improving) cash sorting were disappointing," Worthington said in a note to clients.
“儘管總的結果基本符合預期,但新資產增長、計息資產、短期資金償付的缺乏以及現金整理的緩慢(但正在改善)等基本趨勢令人失望,”沃辛頓在向客戶的一份報告中寫道。
Furthermore, commentary on a vision for a smaller bank is likely fueling some of the selling pressure on shares as investors question management conviction, the analyst said, adding that the print was "sobering" on multiple fronts.
此外,該分析師還表示,對於管理層的信心問題,該公司追求更小銀行願景的權益也在推動股價下跌。他表示這份報告在多個方面都令人“警醒”。
"The pace of short-term debt paydown and the timing of sustainable net new asset growth re-acceleration remain key variables for Schwab's return to normalization — and we are not yet seeing the light at the end of the tunnel here," Worthington said.
沃辛頓說:“短期債務償付的速度和可持續的新資產增長的恢復時間仍然是嘉信恢復正常的關鍵變量,我們還沒有看到這一方面有實質性進展。”
Despite cutting estimates, the JPMorgan analyst still believes the path to recovery remains intact. Worthington highlighted positive commentary regarding the Ameritrade transaction and noted that management maintained key medium-term targets around organic growth and net interest margin.
儘管下調了預測,摩根大通的分析師仍認爲恢復的道路是正確的。沃辛頓強調了Ameritrade交易的積極評論,並指出管理層維持了有關有機增長和淨利息收益率的關鍵中期目標的評論。
Goldman Sachs also weighed in on Schwab following the lackluster report. Analyst Alexander Blostein lowered the firm's price target from $75 to $71 and cut EPS estimates to reflect a slower pace of supplemental borrowing pay down and push out on capital returns.
高盛也就嘉信發佈了不盡如人意的報告發表了看法。分析師亞歷山大·布洛斯坦(Alexander Blostein)將公司的股價目標從75美元降至71美元,並下調了每股收益預期,以反映補充借貸償付的速度放緩和資本回報推遲的情況。
The analyst highlighted elevated deposit outflows at the end of the quarter and an incremental uptick in short-term funding following elevated client engagement as reasons why he continues to believe Schwab remains on a "choppy path" to EPS growth.
該分析師強調,季末存款減少和客戶參與度升高後短期資金進一步增加是他仍然認爲嘉信的調整路程充滿坎坷的原因。他補充說,直到我們看到存款持續增長,我們認爲嘉信證券組合的重組是不可能的,股票回購的時間也會繼續被推遲。”
"We continue to think the upside remains largely dependent on sweep deposit stabilizing and eventually growing, with both magnitude and timing here remaining less certain. Until we see sustained growth in deposits, we think the restructuring of SCHW's securities portfolio is unlikely and timing of share repurchases will continue to get pushed out," Blostein said in the note.
布洛斯坦在文章中寫道:“我們認爲,未來的增長 largely 取決於掃描存款的穩定和最終的增長,這兩者的數量和時間都不太確定。在我們看到存款持續增長之前,我們認爲嘉信不太可能對證券組合進行重組,股票回購的時間也將繼續被推遲。
SCHW Price Action: Schwab shares were down 6.20% at $63.25 at the time of publication, according to Benzinga Pro.
據BenzingaPro的數據,截至發稿時,嘉信的股價下跌了6.20%,至63.25美元。
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Photo: Shutterstock.
照片:shutterstock。