Off The (2Q26) Call - An Earnings (& Multiple) Expanding Update; Target To $128

研报英文原文证据摘录

Off The (2Q26) Call - An Earnings (& Multiple) Expanding Update; Target To $128

TD Cowen Charles Schwab Corp

Global Research July 21, 2026

AT A GLANCE

Our Investment Thesis Forthcoming Catalysts

Client cash sorting risks dissipating, clear line of sight toward B/S repair, strong NNA growth, ■ Upcoming earnings & next quarter

retail market share beneficiary, and favorable operating leverage. financial guides

■ Update on client cash monetization

dynamics

■ Update on FA/NNA pipelines

■ Capital deployment opportunities

■ Capital markets improvement

Base Case Assumptions Upside Scenario Downside Scenario

■ NIM in line with expectations ■ Higher-than-expected NIM ■ Lower-than-expected NIM

■ IEA in line with expectations ■ Higher-than-expected interest earning ■ Lower-than-expected interest earning

assets assets

Price Performance Company Description

The Charles Schwab Corp. offers wealth management, securities brokerage, banking, asset

$115

management, custody, and financial advisory services. It operates through the Investor

110 Services and Advisor Services segments. The Investor Services segment includes retail

brokerage and banking services to individual investors, and retirement plan services, as well as

105 other corporate brokerage services, to businesses and their employees. The Advisor Services

segment provides custodial, trading, retirement business, and support services, as well as

retirement business services to independent registered investment advisors, independent

95 retirement advisors, and record keepers.

85 Analyst Top Picks

80 Ticker Price (07/20/2026) Price Target Rating

Oct-25 Jan-26 Apr-26 Jul-26

Marex Group plc MRX $62.62 $80.00 Buy

Source: Bloomberg GCM Grosvenor, Class A GCMG $12.80 $16.00 Buy

Charles Schwab Corp SCHW $102.54 $128.00 Buy