Tags: US | E | Trade | Analyst | Note

E-Trade Getting Back on Track, Analyst Says

Monday, 22 Feb 2010 01:22 PM

E-Trade Financial Corp., which took a black eye from losses on its subprime mortgage holdings, is getting back on track by focusing on its roots as an online brokerage, an analyst said Monday.

Keefe, Bruyette & Woods analyst Joel Jeffrey started coverage of E-Trade with a "Market Perform" rating and a 12-month price target of $1.70.

Jeffrey cited E-Trade's improving loan portfolio. He also believes that the New York company's online brokerage business will be enough to support operations or attract a buyer.

"The firm is returning to its brokerage-centric business model and appears to be on the path to recovery," the analyst said in a research note.

However, Jeffrey said there are still drags on the business from E-Trade's banking operations. As such, Jeffrey told investors to expect only limited earnings-per-share increases in the near future.

E-Trade shares slid a penny to $1.55 in afternoon trading.

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E-Trade Financial Corp., which took a black eye from losses on its subprime mortgage holdings, is getting back on track by focusing on its roots as an online brokerage, an analyst said Monday.Keefe, Bruyette Woods analyst Joel Jeffrey started coverage of E-Trade with a ...
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2010-22-22
Monday, 22 Feb 2010 01:22 PM
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