U.S. stocks lower at close of trade; Dow Jones Industrial Average down 1.66%

Citi Upgrades Charles Schwab Corp. (SCHW) to Buy

March 13, 2023 5:04 AM EDT

Citi analyst Chris Allen upgraded Charles Schwab Corp. (NYSE: SCHW) from Neutral to Buy with a price target of $75.00 (from $83.00).

The analyst comments "We are upgrading SCHW to Buy from Neutral. After a 23% decline over the last two trading days, we... More

Goldman Sachs Terminates Coverage on SVB Financial Group (SIVB)

March 10, 2023 1:37 PM EST

Goldman Sachs Terminates Coverage on SVB Financial Group (NASDAQ: SIVB)

Analyst Ryan Nash comments "Effective immediately, we are dropping coverage on SVB Financial Group."

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Stifel Lays Out Biotech Names Exposure to SVB Financial Group (SIVB)

March 10, 2023 1:12 PM EST

Stifel analyst Dae Gon Ha comments "Repercussions of the SVB fallout is dominating headlines and naturally, the majority of our covered companies being unprofitable, pre-commercial companies, stocks under our coverage universe are down sharply today. We have reached out to the respective management teams and are reassured that the impact could be, at least for now, less catastrophic. Of course,... More

First Republic Bank (FRC) Halted on Volatility

March 10, 2023 9:32 AM EST

First Republic Bank (NYSE: FRC) Halted on Volatility

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SVB Financial Group (SIVB) falls another 42% in pre-open trading

March 10, 2023 6:09 AM EST

SVB Financial Group (NASDAQ: SIVB) continues lower on worries about deposit outflows:

shares down another 42% to $61 early Fridayshares fell 60% on Thursdaythe company is seeking to raise $2.25 billion in equity after selling securities at a loss to shore up its... More

SVB Financial (SIVB) PT Lowered to $177 at JPMorgan, 'What to Do with SIVB Shares Post the Sell-Off and Industry Read-Through'

March 10, 2023 5:36 AM EST

JPMorgan analyst Steven Alexopoulos lowered the price target on SVB Financial (NASDAQ: SIVB) to $177.00 (from $270.00) while maintaining a Overweight rating.

The analyst comments "SIVB shares declined 60% in response to the intra-quarter update as well as a number of strategic actions being announced. While the mid-quarter update from the company pointed to an incremental $5B of deposit outflows anticipated during 1Q23, on the surface this did not appear dramatic enough to warrant the company having also announced that it had sold $21B of AFS securities (which triggered a $1.8B loss being recognized). With the... More

Charles Schwab Corp. (SCHW) PT Lowered to $97 at JPMorgan, 'Higher Cost Borrowing Likely to Persist through 2Q24, but Could Inflect to the Positive in 2H23'

March 10, 2023 4:51 AM EST

JPMorgan analyst Kenneth Worthington lowered the price target on Charles Schwab Corp. (NYSE: SCHW) to $97.00 (from $102.00) while maintaining a Overweight rating.

The analyst comments "Cash sorting continues to be in focus with Silicon Valley selling AFS bonds at a loss and raising capital to fund improved asset sensitivity. While such a scenario is plausible for Schwab should sorting be... More