Morgan Stanley Lowers March Quarter EPS, 2010 EPS Estimates For TD Ameritrade (AMTD)
3/19/2010- Morgan Stanley analysts are lowering their March quarter EPS estimate for TD Ameritrade (NYSE: AMTD) to $0.23, per company guidance issued in its February data release, and lowering their fiscal 2010 EPS estimate.
Analysts Celeste Brown and Thomas Allen said, "In addition, we are reducing our DARTs estimates for the year to reflect continued weakness in equities trading volumes. We are increasing comp and marketing expense for F2Q to reflect similar seasonal expense pressure to SCHW (higher payroll taxes, etc). However, we are lowering full F10 expense estimates to reflect lower clearing costs associated with our lower trading estimates. We are increasing our net new assets (NNA) estimates for the quarter and the year to reflect continued outperformance (expect 10% NNA growth in F10)."
The bank now sees fiscal 2010 EPS of $1.08, vs. consensus estimates of $1.09, and fiscal 2011 EPS of $1.13, vs. consensus estimates of $1.47.
Write to Chip Brian at cbrian@tradethetrend.com
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