TD Ameritrade (AMTD) PT Raised to $67 at Deutsche Bank

Deutsche Bank raised its price target on TD Ameritrade (NASDAQ: AMTD) to $67.00 (from $65.00) while maintaining a Buy rating.

Analyst Brian Bedell commented, "AMTD’s CY4Q17 (FY1Q18) EPS of $0.80 beat Cons of $0.52 & our $0.53 est., although we view core EPS at ~$0.60 excl. ~$0.14 p/share of benefits from tax reform, ~$0.08 for the core effective tax rate of 27% vs. our 37.5% est. & ~$0.02 of other expenses. We view both the results & setup in 2018 as strong given increasing retail client engagement (MTD DARTs of 975k) w/various growth initiatives (24-hour trading, expansion into Asia) posing upside to trading estimates as well as cont'd muted deposit beta. Mgmt. also expects to revisit their capital deployment strategy post Scottrade-clearing conversion given tax reform benefits, with any additional expenses being modest."

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