FBR's Comment on TD Ameritrade

Friedman Billings Ramsey, Michael Parker & Matt J. Snowling, CFA, CPA, 27 January 2006WE ARE DOWNGRADING TD Ameritrade to Market Perform from Outperform. We believe much of the near-term upside is now priced in the stock.We are lowering our 12-month price target by $1 to $21, or 16 times our revised fiscal 2007 estimate.[Ameritrade Holding closed the acquisition of Toronto Dominion's TD