Charles Schwab shares fell -9% on the 17th after TD Cowen downgraded the stock to hold from Buy with a price target of $71, down from $88.

The downgrade was due to the firm cites ongoing mixed execution, including “yet another set of unfavorable EPS guides,” as well as the surprising introduction of potential balance sheet shrinkage, which it calls both “ill timed” and with no clear path to the mechanics.

The firm, which lowered its FY24-FY26 EPS estimates for Schwab, sees “too many moving parts” and “not enough earnings power.”