Gabelli Maintains Buy on TD Ameritrade

Gabelli is out with its report today on TD Ameritrade AMTD, maintaining Buy. In a note to clients, Gabelli writes, "We continue to recommend purchase. As a leader in the online brokerage industry, the company is well positioned to participate in the growth and consolidation of online trading. At the current valuation, shares are trading at 15.8x 2011E earnings per of $1.20 per share and 8.6x 2011E EBITDA of $1.3 billion. Our 2012 Private Market Value is $27 per share or 9x EBITDA of $1.6 billion." At the time of posting, shares of AMTD closed at $18.90, down 0.08% from Thursday's close.