Nomura Securities on American Brokers and Asset Managers: Earnings Recap (AMTD, SCHW, ETFC)
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Price: $23.99 +0.13%
Rating Summary:
4 Buy, 12 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 19 | New: 22
Rating Summary:
4 Buy, 12 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 19 | New: 22
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Nomura Securities on American Brokers and Asset Managers: Earnings Recap
Analyst, Keith Murray, said, "Both TD Ameritrade (Nasdaq: AMTD) and Schwab (Nasdaq: SCHW) posted solid results for the June quarter even though revenues remain pressured. To their credit, the management teams are controlling what they can, but unfortunately retail trading activity remains sluggish. As earnings growth will continue to be pressured, we remain Neutral on both AMTD and SCHW, and still see more value in E*Trade (Nasdaq: ETFC). We trimmed our F13 estimate for AMTD and our price target goes to $17 from $18, and we kept our ‘13E and price target for SCHW unchanged. We highlight some key metrics from the quarter in detail in the note, such as solid organic growth, better spread-based revenue, tough outlook, sluggish trading and healthy pretax margins & decent ROEs."
AMTD (Neutral $17): PT to &17 from $18; 4Q12E EPS from $0.27 to $0.26; F12E EPS at $1.06; 1Q13E EPS from $0.28 to $0.27; 2Q13E EPS from $0.29 to $0.27; 3Q13E EPS from $0.30 to $0.27; 4Q13E EPS from $0.28 to $0.26; F13E EPS from $1.15 to $1.17.
SCHW (Neutral $13): 3Q12E EPS from $0.16 to $0.17; 4Q12E EPS at $0.16; F12E EPS from $0.65 to $0.69; 1Q13E EPS from $0.17 to $0.19; 2Q13E EPS from $0.19 to $0.18; 3Q13E EPS at $0.19; 4Q13E EPS from $0.20 to $0.28; F13E EPS at $0.75.
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Analyst, Keith Murray, said, "Both TD Ameritrade (Nasdaq: AMTD) and Schwab (Nasdaq: SCHW) posted solid results for the June quarter even though revenues remain pressured. To their credit, the management teams are controlling what they can, but unfortunately retail trading activity remains sluggish. As earnings growth will continue to be pressured, we remain Neutral on both AMTD and SCHW, and still see more value in E*Trade (Nasdaq: ETFC). We trimmed our F13 estimate for AMTD and our price target goes to $17 from $18, and we kept our ‘13E and price target for SCHW unchanged. We highlight some key metrics from the quarter in detail in the note, such as solid organic growth, better spread-based revenue, tough outlook, sluggish trading and healthy pretax margins & decent ROEs."
AMTD (Neutral $17): PT to &17 from $18; 4Q12E EPS from $0.27 to $0.26; F12E EPS at $1.06; 1Q13E EPS from $0.28 to $0.27; 2Q13E EPS from $0.29 to $0.27; 3Q13E EPS from $0.30 to $0.27; 4Q13E EPS from $0.28 to $0.26; F13E EPS from $1.15 to $1.17.
SCHW (Neutral $13): 3Q12E EPS from $0.16 to $0.17; 4Q12E EPS at $0.16; F12E EPS from $0.65 to $0.69; 1Q13E EPS from $0.17 to $0.19; 2Q13E EPS from $0.19 to $0.18; 3Q13E EPS at $0.19; 4Q13E EPS from $0.20 to $0.28; F13E EPS at $0.75.
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