UPDATE: BGB Securities Upgrades TD Ameritrade from Sell to Hold

BGB Securities upgrades TD Ameritrade AMTD from a Sell to a Hold rating and maintains a price target of $15.50. BGB Securities notes, “With are raising our rating on AMTD shares to Hold from Sell as AMTD shares approach our $15.50 price target, leaving 3.5% left in total return. While we expect the approaching earnings report (July 17, 2012) to disappoint relative to consensus, reflecting the low interest rate environment and sidelined retail investors, we believe shares at current levels largely consider the operating challenges.” TD Ameritrade closed at $16.40 on Monday.