UPDATE: Stifel Nicolaus Lowers PT on Charles Schwab to $15

Stifel Nicolaus is out with its report today on Charles Schwab (NASDAQ: SCHW), lowering its PT to $15 from $21.

In its report, Stifel Nicolaus writes, "We are lowering estimates and our price target on the shares of SCHW, to reflect the expectation of a continued low interest rate environment and the negative effect of lower equity values on asset management fees."

Stifel Nicolaus maintains Buy on SCHW.

Shares of SCHW closed Monday at $12.52.