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. (NASDAQ: 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 (NASDAQ: 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 (NYSE: 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 (NASDAQ: 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.