UPDATE: Sterne Agee Initiates Coverage on TD Ameritrade Holding with Buy Rating, $19 PT
In a report published Friday, Sterne Agee Group initiated coverage on TD Ameritrade Holding Corp. (NYSE: AMTD) with a Buy rating and $19.00 price target.
Sterne Agee noted, “We view AMTD as an attractive way to play the on-line brokerage sector given leverage to trading volumes which we expect will bounce back long before interest rates, the firm's ‘bank light' business model, significant excess capital, and a reasonable valuation. While we may be early with this call, we believe EPS has troughed and growth in client accounts/assets positions the firm for substantial earnings growth when trading volumes rebound and interest rates begin to normalize.”
TD Ameritrade Holding Corp. closed on Thursday at $15.93.
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