Jefferies Raises Price Target on TD Ameritrade (AMTD) to $38; Reiterates Hold
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Jefferies reiterated a Hold rating on TD Ameritrade (NASDAQ: AMTD), and raised the price target to $38.00 (from $36.00), after spending time with management. Mr. Hockey highlighted what can be improved at AMTD and opportunities to accelerate growth. Most of this was focused on the retail segment, but was also echoed on the inst'l side.
Analyst Daniel Fannon commented, "Last week we were able to spend time with AMTD CEO Tim Hockey as well as other members of the senior mgmt. team. Not surprisingly, the focus of the discussion centered around growth and the opportunity to improve the overall growth profile through the combination of Scottrade. In the short term, the backdrop of higher volatility and rising interest rates represents a positive tailwind to earnings."
Shares of TD Ameritrade closed at $39.61 yesterday.
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