UPDATE: ISI Lowers TD Ameritrade's PT

According to a research report published earlier today, ISI has decreased TD Ameritrade's (NASDAQ: AMTD) PT from $22 to $21.

In the report, ISI mentioned, “AMTD has good risk/return profile on its strong organic growth, deposit outsourcing agreement w/ TD Bank enabling share repurchase, and better cost flexibility. However, SCHW remains our top pick in online brokers, on 1) modest tailwind from slightly better rate & yield backdrop, 2) fairly good equity markets, 3) lower seasonal expenses through rest of 2012, 4) improving organic growth, & 5) possible upward EPS revisions.”

ISI maintains its Buy rating on TD Ameritrade, which is currently trading at $18.46.