ISI Group Reiterates Buy Rating, $23 PT on TD Ameritrade Holding on Good February Metrics

In a report published Monday, ISI Group reiterated its Buy rating and $23.00 price target on TD Ameritrade Holding Corp. AMTD. ISI Group noted, “AMTD's February metrics were roughly in line with expectations, though IDA balances are trending lower than forecast, though this is offset by fee-based balances trending higher than expected. February DARTs of 386k were near our 387k forecast and flat with January. With client assets of $502.5bn (up 1% from January) we estimate net new assets were $3-4bn in the month, implying an annualized organic growth rate of 8-9%, in middle of mgmt's target range but below our 12% forecast for CY1Q. Fee-based asset growth of 3% vs. Jan. outpaced equity market.” TD Ameritrade Holding Corp. closed on Friday at $20.98.