UPDATE: Sterne Agee Raises PT on TD Ameritrade on Key Performance Indicators

Sterne Agee reiterated its Neutral rating on TD Ameritrade (NYSE: AMTD) and raised the price target from $20.00 to $23.00.

Sterne Agee reported that, “AMTD released February metrics that pointed to stable retail activity (at higher levels than most of '12), growing total client assets (market gains and strong organic growth), and a decline in interest earning assets (likely customer net buying). We are raising our 1-year price target by $3 to $23 as we roll to '14E (17x). While we have a favorable view of the franchise, we believe future upside is more likely to be driven by estimate revisions rather than continued multiple expansion.”

Shares of TD Ameritrade closed at $20.96 on Monday.

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