SunTrust Raises Price Target on E*TRADE Financial (ETFC) to $31 Following Solid 3Q

October 21, 2016 7:27 AM EDT
Get Alerts ETFC Hot Sheet
Price: $36.39 +0.41%

Rating Summary:
    17 Buy, 5 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
Trade ETFC Now!
Join SI Premium – FREE

News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.

SunTrust Robinson Humphrey reiterated a Hold rating on E*TRADE Financial (NASDAQ: ETFC), and raised the price target to $31.00 (from $30.00), following the company's 3Q earnings report. Executive Chairman Rodger Lawson outlined the company's goal of 2-3% incremental growth per year. To that end, the Board is taking a more active role in managing the company, and is placing increased emphasis on the "core" brokerage business. SunTrust raised 4Q16 and 2017 EPS estimates to $0.38 and $1.77 from $0.37 and $1.76, respectively.

Analyst Douglas Mewhirter commented, "We reiterate our Hold rating on ETFC shares following a solid third quarter result. Although the results were good - even without the provision reversal - management has their work cut out for them to accelerate customer growth in an extremely competitive market. We have added $0.01 to our 4Q16 EPS estimate and our full-year 2017 EPS estimate, reflecting additional deposit growth and slight NIM expansion. We have increased our price target to $31 from $30, which equals 17x 2017E EPS."

For an analyst ratings summary and ratings history on E*TRADE click here. For more ratings news on E*TRADE click here.

Shares of E*TRADE closed at $28.20 yesterday.

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories

Analyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change

Related Entities

SunTrust Robinson Humphrey, Earnings

Add Your Comment