UPDATE: Topeka Capital Markets Maintains Hold on TD Ameritrade

Topeka Capital Markets maintains a Hold rating on TD Ameritrade Holding Corporation

. Topeka Capital Markets comments, “We are trimming our price target and EPS estimates for TD Ameritrade ahead of F3Q12 earnings, primarily due to yet another pull-back in interest rates and ongoing tepid trading activity. Furthermore, we expect management's forward outlook for net interest margin (NIM) will prove uninspiring based on continued rate weakness, and trading activity should remain muted as we move through the seasonally slow summer period. Although we like Ameritrade's strong organic growth and capital flexibility, we expect AMTD shares to remain range-bound as rates stay depressed and macro progress remains inconsistent.” TD Ameritrade Holding closed at $16.28 on Tuesday.