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Wolfe Research upgrades Charles Schwab, downgrades Lazard

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Wolfe Research upgrades Charles Schwab, downgrades Lazard

Steven Chubak of Wolfe Research LLC upgraded Charles Schwab Corp.'s stock rating to "peer perform" from "underperform," and lowered the price target to $47 from $53.

Chubak believes that the company's earning resilience is undervalued.

The analyst's EPS estimates for the company are $2.72 for 2019 and $3 for 2020.

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The analyst also upgraded Evercore Inc.'s stock rating to "peer perform" from "underperform," and lowered the price target to $82 from $91.

He is of the thought that the company's pay-for-production model should afford it better competitive flexibility in case a slowdown occurs.

The analyst's EPS estimates for the company are $6.97 for 2019 and $7.08 for 2020.

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The Wolfe Research analyst downgraded Lazard Ltd.'s stock rating to "underperform" from "peer perform," and lowered the price target to $39 from $46.

Chubak is cautious on the company's stock, considering risk of higher earnings drawdown in a recession and the decreasing expectation for the company's management to pursue strategic goals, among other things.

The analyst's EPS estimates for the company are $3.98 for 2019 and $3.86 for 2020.

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Northern Trust Corp.'s stock rating was downgraded from "peer perform" to "underperform" by Chubak, who also lowered the price target to $88 from $109.

Chubak believes that there is a greater risk of fall in revenue in a scenario where Northern Trust is more sensitive to equity market levels.

The analyst's EPS estimates for the company are $6.80 for 2019 and $7.50 for 2020.