UPDATE: Keefe, Bruyette & Woods Upgrades TD Ameritrade Holding Corp. to Outperform, Reiterates $36 PT as Normalized EPS Looks Attractive

In a report published Monday, Keefe, Bruyette & Woods analyst Joel Jeffrey upgraded the rating on

from Market Perform to Outperform, and reiterated the $36.00 price target. In the report, Keefe, Bruyette & Woods noted, “We are upgrading AMTD to Outperform from Market Perform as the stock has sold off 10% since March 28. There is now more than 20% upside to our current price target. We believe that the sell-off was driven by the combination of the firm's premium valuation as well as concerns that regulators could eliminate payment for order flow, which is a meaningful source of revenue for the firm. We believe that there is little risk in the near future that regulators will make any changes to the current market structure that eliminates payment for order flow.” TD Ameritrade Holding Corp. closed on Friday at $29.90.