Zacks Investment Research upgraded shares of TD Ameritrade Holding Corporation (AMTD) from N/A to NEUTRAL on December 04, 2012, with a target price of $17.00.
We are initiating our coverage on TD Ameritrade Holding Corporation with a long-term Neutral recommendation. The company's fiscal fourth-quarter 2012 earnings came in ahead of the Zacks Consensus Estimate, primarily aided by a decline in operating expenses. Further, an increase in total client assets was a positive. Yet, a dip in average client trades per day and overall decline in revenue were the downsides. Nevertheless, the company is focused on improving its trading and investing business through product innovativation, advanced customer service as well as expense discipline. However, a decline in the company's trading volumes in a stresses macroeconomic environment is a headwind. Further, a low interest rate and stringent regulatory environments are the causes of concern.
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