E*TRADE (ETFC) PT Raised to $33 at Nomura Post Q3
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Nomura Securities analyst Steven Chubak reiterated a Buy rating and raised his price target on E*TRADE (NASDAQ: ETFC) to $33.00 (from $32.00) following strong Q3 results.
Chubak commented, "ETFC reported 3Q16 EPS of $0.51 ($0.58 ex restructuring / severance), well ahead of our $0.42 (and cons. $0.39). Vs. our forecast, the beat was primarily driven by a higher provision benefit (+$0.11), higher fee income (+$0.03), and lower comp (+$0.04); partially offset by higher non-comp (-$0.02). Positive risk / reward skew with "heads you win, tails you win" dynamic still in play."
FY16E EPS from $1.71 to $1.91; FY17E EPS from $1.73 to $1.84.
Shares of E*TRADE closed at $28.20 yesterday.
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