Shares of TD Ameritrade Holding Corp. AMTD have rebounded Tuesday following a 5 percent decline on Monday. Tuesday's 1 percent move higher came despite a downgrade to Neutral from Bank of America.
The firm's Michael Carrier cited "mixed Q2 trends and macro events [which] weigh on the outlook." Carrier said he is expecting mixed results out of the online brokers, but sees TD Ameritrade as the broker, which should post better-than-expected earnings.
'[G]iven organic growth in the sector (potential robo opportunities), active capital management, and limited exposure to the UK/EU, as valuations continue to discount the risks, we think the risk/return outlook should become more attractive," according to Carrier.
The analyst lowered his price objective on shares of TD Ameritrade from $34 to $29.
As shares of TD Ameritrade were last indicated at $27.09, the new price objective represented potential of about 7 percent.
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