UPDATE: Citigroup Raises PT on TD Ameritrade to $19.50
Citigroup has affirmed Buy rating on TD Ameritrade Holding Corp (NASDAQ: AMTD) and raised its price target to $19.50 due to what it said was a best-in-class execution by the company.
Citi commented that it affirms Buy and “boost 12-month price target $1.00 to $19.50 following 11/7 AMTD-hosted sell-side dinner in NY. While more price sensitive in the ST given the bounce in the stock, we nonetheless came away from the dinner increasingly comfortable with the LT execution of the business that should: 1) drive further market share & diversify the platform; 2) protect margins; 3) temper downside EPS risk; and, 4) proactively manage capital, though: 1) buyback likely slowed Q/Q; and, 2) recent flattening in the yield curve may have slowed deposit laddering.”
AMTD closed at $17.03 on Monday.
