Morgan Stanley analyst Michael Cyprys said the "strong" Q4 earnings reports from Charles Schwab (SCHW), E-Trade (ETFC) and TD Ameritrade (AMTD) showed that the discount brokers can grow revenues in a volatile, late-cycle backdrop. He increased his 2020 top-line estimates across the group, citing expectations for higher net interest margins and higher cash balances. Cyprys, who said the valuations in the group remain compelling on both an absolute and relative basis, keeps Overweight ratings on all three stocks mentioned. He raised his price target on Charles Schwab to $57 from $55, on E-Trade to $62 from $61 and on TD Ameritrade to $64 from $59.