UPDATE: Citi Lowers LPL Investment Holdings' PT

According to a research report published this morning, Citi has decreased LPL Investment Holdings'

PT from $35 to $34. In the report, Citi said, "Prefer AMTD in particular trading at similar multiple with stronger rate leverage and capital management play without secondary overhang. While we like the FA acquisition / multiple drivers stories, the key message off the call reflects incremental margin leverage may be more difficult in the ST given higher than forecast run-rate expense. As such, we see the stock range bound at ~17x 2012 EPS. Despite stock trading above our current target, we see flat ETR given pending $2 special dividend." Citi maintains its Neutral rating on LPL, which closed yesterday at $35.89.