UPDATE: ISI Group Raises PT on Charles Schwab Following Good April Metrics

In a report published Wednesday, ISI Group analyst Brian Bedell reiterated a Buy rating on Charles Schwab Corp. SCHW, and slightly raised the price target from $20.00 to $21.00. In the report, Bedell noted, “Overall, SCHW's April metrics were relatively good and trending roughly in line with forecasts implied in our model for 2Q trends, although revenue trades were lighter than expected. Excluding sizeable mutual fund clearing flows, core net new client assets were $4.7bn in April, adversely impacted by seasonally high tax payments that we think amount to at least $4bn. Assuming $9bn+ monthly flows in May & June, we think SCHW is on track to meet or exceed our $23bn core net flow forecast in 2Q. DARTs were up just 1% in Apr vs. Mar though partially driven by shift to asset-based fee products.” Charles Schwab Corp. closed on Tuesday at $18.45.