UPDATE: ISI Group Cuts PT to $20, Maintains Buy on TD Ameritrade

ISI Group reiterates its Buy rating on TD Ameritrade AMTD as it sees weakness in shares as a buying opportunity. It lowers the price target on the shares by $1 to $20. ISI Group notes, "We are lowering EPS estimates as follows: FY2012 to $1.17 from $1.20; FY2013 to $1.35 from $1.40; FY2014 to $1.60 from $1.65 on modestly lower volume assumptions and greater near-term NIM pressure than expected, partially offset by a modestly lower expense forecast. While our FY2Q12 estimate of $0.27 is below $0.28 Consensus, our FY2012 estimate of $1.17 is just above $1.16 Consensus and implies EPS in the middle of mgmt's FY2012 outlook. Our EPS estimates for FY2013 and FY2014 are inline with Consensus." AMTD closed at $16.01 per share on Tuesday.