UPDATE: Topeka Capital Markets Lowers PT on Charles Schwab

Topeka Capital Markets maintains a Hold rating on Charles Schwab Corporation

and lowers its price target to $13. Topeka Capital Markets comments, “We are trimming our price target and EPS estimates for Charles Schwab Corp. ahead of 2Q12 earnings, primarily due to yet another pull-back in interest rates and ongoing tepid trading activity. Furthermore, we expect management's forward outlook for net interest margin (NIM) will prove uninspiring based on continued rate weakness, and trading activity should remain muted as we move through the seasonally slow summer period. We expect SCHW shares to remain range-bound as rates stay depressed and macro progress remains inconsistent.” Charles Schwab Corporation closed at $12.41 on Tuesday.