E*TRADE (ETFC) PT Bumped to $34 at SunTrust Robinson Humphrey Following Analyst Dinner
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SunTrust Robinson Humphrey analyst Douglas Mewhirter bumped his price target on E*TRADE (NASDAQ: ETFC) to $34.00 (from $31.00) but maintained a Hold rating following an analyst dinner held in New York.
Mewhirter commented, "The higher price target reflects a) an increase in peer valuations as well as b) higher confidence that the company will be able to meet its margin and growth targets (especially margin). The new management team provided a few more specifics around execution of the company's strategy, and all of the speakers were very encouraged by both the progress within the company to date as well as the improved interest rate environment."
Shares of E*TRADE closed at $33.89 yesterday.
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