KBW's Broker Dealers & Capital Markets Update (AMTD, COWN, DUF, ETFC)

Keefe Bruyette & Woods published its Broker Dealers & Capital Markets update today and included risks to price target on the entities in its portfolio. Highlighted companies include: TD Ameritrade Holding Corp. AMTD Target Price: 21.00 Risk Factors: Among the risks to our price target, a general decline in retail investing reverting to lower levels and further deterioration in the company's business outlook may adversely affect the value of the shares. Cowen Group COWN Target Price: 4.90 Risk Factors: Target price risks include competition in the company's businesses, as well as the potential for a meaningful slowing in capital raising and M&A activity if the economy were to weaken further. Duff & Phelps Corp DUF Target Price: 16.00 Risk Factors: The risks to our price target include market conditions as well as macroeconomic events, as well as competition in the company's core consulting business. E*Trade Financial ETFC Target Price: 16.00 Risk Factors: Among the risks to our price target, a general decline in retail investing reverting to lower levels and further deterioration in the company's loan portfolio may adversely affect the value of the shares.