UPDATE: Sterne Agee Downgrades TD Ameritrade Holding Corporation to Neutral on Valuation

Sterne Agee downgraded TD Ameritrade Holding Corporation AMTD from Buy to Neutral and maintained a $19.00 price target. Sterne Agee commented, "With AMTD shares up 20% since the November lows (vs. S&P +8.5%) and with less than 5% upside to our target, we would no longer put new money into the stock. While we see tremendous upside with normalized rates and increased client activity, the recent run in the stock hasn't coincided with an appreciable improvement in the operating environment (slightly higher rates offset by weaker volumes)." TD Ameritrade Holding Corporation closed at $18.15 on Monday.