Compass Point Starts E*TRADE (ETFC) at Neutral

November 16, 2012 6:46 AM EST Send to a Friend
Get Alerts ETFC Hot Sheet
Price: $22.30 +2.76%

Rating Summary:
    11 Buy, 6 Hold, 2 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 29 | Down: 45 | New: 4
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Compass Point initiates coverage on E*TRADE (NASDAQ: ETFC) with a Neutral. PT $8.50.

The firm comments, "The company's capital turnaround now appears to be on track after recent deleveraging has put management in position to act on its high-cost debt. However, meaningful flexibility remains a longer term event, in our view, and although a large degree of deleveraging should be completed at this point, the ultimate target remains somewhat up in the air given its dependence on brokerage customer flow activity. Separately, ongoing rate pressure and retail investor caution should leave near-term earnings relatively muted, but we do look for continued credit improvement as the company's legacy loans continue to wind down."

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 $7.74 yesterday.


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