Online Brokers: 2Q26 E-Brokers Preview: Solid 2Q & Strong June Volumes Remain Supportive for Stocks

研报英文原文证据摘录

Online Brokers: 2Q26 E-Brokers Preview: Solid 2Q & Strong June Volumes Remain Supportive for Stocks

Deutsche Bank

Research

North America Industry Date

Brokers, Asset Managers & Online Brokers 16 June 2026 Exchanges

2Q26 E-Brokers Preview: Solid 2Q & Strong

Brian Bedell, CFA June Volumes Remain Supportive for Stocks

Research Analyst

+1-212-250-6600

Solid backdrop for ebrokers favoring SCHW followed by HOOD

Within our 2Q26 preview report for the three online brokers we cover, Charles Son Nguyen

Schwab (SCHW-Buy), Robinhood (HOOD-Buy), and eToro (ETOR-Buy), we Research Associate

+1-212-250-9311 assess metrics and volume trends in 2Q so far, and following catch up calls with

IR teams, adjust our EPS estimates and price targets. Erika Nelson

Research Associate

Overall, we see SCHW as our top e-broker pick for 2Q earnings, with our view of +1-212-250-9986

a ~2% earnings beat and likelihood of at least slightly raised 2026 guidance that

should drive modestly positive Consensus revisions…hence remaining consistent

with a beat and raise story that can drive valuation improvement against a

subdued current P/E multiple, in our view. We also view HOOD as our top long- Key changes

term growth idea, and see continued solid execution on strategic initiatives, Charles Schwab

including prediction markets, along with recent volume improvement as being Price target (USD) 120 122 2%

positive, albeit nuances around Rothera modeling is an area to watch. We also eToro

remain constructive on ETOR, though we see 2Q being in line with Consensus. Price target (USD) 46 45 -2%

Robinhood Markets

Our updated outlook for the e-brokers is further supported by solid industry Price target (USD) 98 103 5%

volume trends observed in June thus far compared to the prior month. Source:DeutscheBank