UPDATE: Sterne Agee Initiates Coverage on Charles Schwab Corporation with Neutral Rating, $15 PT

In a report published Friday, Sterne Agee Group initiated coverage on Charles Schwab Corporation

with a Neutral rating and $15.00 price target. Sterne Agee noted, “We are initiating coverage of SCHW with a Neutral rating. While we see considerable upside longer-term as solid organic growth continues and interest rates normalize, with limited EPS growth expected for '13 and limited potential for multiple expansion in our view, we believe investors can be patient. The biggest risk we see to our Neutral stance is a faster than anticipated rise in interest rates given the earnings leverage (to both ends of the curve) and stock correlation to the 10-year yield.” Charles Schwab Corporation closed on Thursday at $13.44.