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TD Ameritrade Upgraded to “Buy” at Bank of America/Merrill Lynch (AMTD)

Posted: 3/18/2011 8:33:00 AM
Referenced Stocks: AMTD

Online brokerage operator TD Ameritrade Holding Corp. ( AMTD ) on Friday caught a big upgrade from analysts at Bank of America/Merrill Lynch.

The firm said it boosted its rating on AMTD from "Neutral" to "Buy" with a $23 price target. That target suggests a 14% upside to the stock's Thursday closing price of $20.16.

Bank of America/Merrill Lynch said it made the move due to the stock's attractive valuation, noting AMTD has sold off 7% over the past week.

TD Ameritrade shares were mostly flat in premarket trading Friday.

The Bottom Line
Shares of TD Ameritrade ( AMTD ) have a .99% dividend yield, based on last night's closing stock price of $20.16. The stock has technical support in the $18-$19 price area. If the shares can firm up, we see overhead resistance around the $22-$23 price levels.

TD Ameritrade Holding Corp. ( AMTD ) is not recommended at this time, holding a DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .