UPDATE: Citigroup Downgrades Charles Schwab to Sell on Excessive Valuation

Citigroup downgraded Charles Schwab (NYSE: SCHW) from Neutral to Sell and lowered the price target from $15.00 to $14.00.Citigroup said, "With the stock up ~18% YTD, SCHW now trades at ~23x our 2013 operating EPS estimate, well above B/D peers at ~16.5x and ~15.5x for Traditionals. We believe investors have rushed into the stock to play the active retail re-engagement and rising rate cycle theses, pushing the stock well beyond fair value. Even under sanguine LT growth assumptions, we still see downside risk in the stock."Charles Schwab closed at $16.89 on Friday.