Charles Schwab’s Estimates Cut at Morgan Stanley (SCHW)

Financial services company The Charles Schwab Corporation ( SCHW ) saw its earnings estimates lowered on Tuesday by analysts at Morgan Stanley. The firm said it lowered its estimates for SCHW through 2011, noting that interest rate hikes will likely not come as soon as originally expects. Morgan Stanley currently rates the stock as “Overweight” with a $21 price target. Charles Schwab shares rose 10 cents, or +0.6%, in premarket trading Tuesday. The Bottom Line We had removed shares of SCHW from our “recommended” list Sept.15, 2008, when the shares traded at $22.70. The company has a dividend yield of 1.32%, based on last night’s closing stock price of $18.13. The stock does have technical support in the $16-$17 price area. If the shares can firm up, we see overhead resistance around the $21-$22 price levels. We would remain on the sidelines for now. The Charles Schwab Corporation ( SCHW ) is not recommended at this time, holding a DARS™ Rating of 3.4 out of 5 stars. Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

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Charles Schwab’s Estimates Cut at Morgan Stanley (SCHW)

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