ISI Group Reiterates Buy, $19 PT on TD Ameritrade

ISI Group maintains its Buy rating and $19 target price on TD Ameritrade (NASDAQ: AMTD) on mixed November metrics.

ISI says, “AMTD's November DARTs of 377k were down 7% from October & below our 411k forecast. However, while total client assets fell slightly (by 0.2%) from October, we estimate annualized organic growth was between 8-10% with a continued shift into IDA assets (to avg. $59.1bn from $58.0bn) as average fee-based balances remained relatively flat. The weaker DARTs also pose downside risk to our generally flat Nov. DART estimates for peers ETFC and SCHW.”

AMTD closed at $16.32 per share on Friday, up 2.74 percent.