Goldman Sachs Moves ETFC To Buy, Lowers AMTD To Neutral

Goldman Sachs is moving E*TRADE Financial Corporation (NASDAQ: ETFC) to Buy and lowering shares of TD Ameritrade Holding Corporation (NASDAQ: AMTD) to Neutral “in advance of what is likely to be a "seasonally slower trading period.”

“Moreover, the decline in recent yields will lead to lower asset reinvestment rates and drive NIM lower at peers relative to ETFC, which hedges against moving rates,” Goldman Sachs writes. “Our $19 price target implies 20% upside.”

E*TRADE closed Friday at $15.92; TD Ameritrade closed at $21.14.