Morgan Stanley analyst Michael Cyprys noted that E-Trade (ETFC) announced that its key strategic priorities for 2020 include aggressively expanding its RIA custody business and aiming "to win every dissatisfied relationship that comes out of the Ameritrade-Schwab transaction," according to E-Trade CEO Michael Pizzi. The CEO's comments suggest to Cyprys that the planned merger of Charles Schwab (SCHW) with TD Ameritrade (AMTD) is not anti-competitive and raise his confidence in approval of the deal, the analyst tells investors. He keeps an Overweight rating on Charles Schwab shares.