JPMorgan: Charles Schwab could be a $97 stock

Charles Schwab Corporation (NYSE: SCHW) has taken a significant hit to its stock price this year, but JPMorgan Chase is convinced a full recovery is on the cards.

Charles Schwab stock has 50% upside from here

The investment bank sees Schwab as well-positioned to benefit from higher rates. On Wednesday, it reiterated the stock at “overweight” with a price target of $97 that represents a 50% upside from here.

JPMorgan remains positive on the financial services company even after it reported weaker-than-expected results for its fiscal first quarter in mid-April.

Karen Firestone loads up on Charles Schwab Corp

Karen Firestone also agrees with the bullish call. Explaining why she recently loaded up on the stock that’s now down 30% from its year-to-date high, she said on CNBC’s “Halftime Report”:

The CEO of Aureus Asset Management also finds SCHW “attractive” as it’s trading at only 13 times next year’s earnings – the lowest multiple it’s had in years. Last month, Schwab declared 20 cents of per-share quarterly dividend.