SunTrust Raises Price Target on E*TRADE Financial (ETFC) to $31 Following Solid 3Q
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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."
Shares of E*TRADE closed at $28.20 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesSunTrust Robinson Humphrey, Earnings
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