Deutsche Bank Downgrades TD Ameritrade (AMTD) to Hold

Deutsche Bank downgraded TD Ameritrade (NASDAQ: AMTD) from Buy to Hold with a price target of $18, citing the run in the capital market stocks over the past six months, fairer valuations, and better yet still mixed outlook.

The firm comments, "For AMTD, while the long term outlook still remains favorable (healthy NNA, exp/cap flexibility, & upside from rate / NIM / margin normalization), given the recent run in the stock/a fair valuation, upcoming seasonality, & a still challenging backdrop (rates/macro), we see limited upside."

2012E EPS and 2013E EPS remain unchanged at $1.20 and a $1.40, respectively.

For an analyst ratings summary and ratings history on TD Ameritrade click here. For more ratings news on TD Ameritrade click here.

Shares of TD Ameritrade closed at $20.47 yesterday.

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