By: Benzinga
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
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