Gabelli Lowering Estimates On TD Ameritrade

Gabelli & Co. is out with a research report on TD Ameritrade

and is lowering its estimates on the company. It has a Buy rating on shares. In a note to clients, Gabelli & Co. writes, "We are lowering our 2011E and 2012P EPS estimates to $1.10 and $1.40, from $1.20 and $1.50, respectively. Our changes are based on expectations for slower trading and little improvement in net interest margin (

) due to low interest rates. Weak investment confidence by retail clients due to the European debt crisis and the US budget negotiations impacted asset gathering this quarter. The pipeline remains strong; however, and management believes the growth rate could improve in the fall." Shares of AMTD are up 80 cents in pre-market trading to $19.19.