UPDATE: Citigroup Downgrades TD Ameritrade Holdings to Neutral; Rate, Retail Re-Engagement Risks Reignite

Citigroup reduces its rating on TD Ameritrade Holdings

from Buy to Neutral and reduces its price target from $22 to $18. Citigroup comments, "We downgrade AMTD from Buy to Neutral, lower EPS estimates and sharply cut 12-month price targets as interest rate and retail trading re-engagement risks re-ignite, which increasingly call into question: a) near term EPS power; and, b) timing of more normalized EPS." AMTD closed at $16.47 on Friday.