Wells Fargo Upgrades E*TRADE (ETFC) to Outperform; Several Catalysts Forming

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Wells Fargo upgraded E*TRADE (NASDAQ: ETFC) from Market Perform to Outperform with a price target range raised to $13-$15 from $8-10.

Analyst, Christopher Harris, said, "We believe there are a number of positive earnings catalysts for ETFC with the most significant being fewer credit related losses and refinance/retirement of high cost debt. We view recent improvement in leading housing indicators and retail investor engagement as very positive for ETFC which is a high-beta play in financial services."

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 $11.04 yesterday, with a 52 week range of $7.42-$16.83.

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