Nomura Securities Maintains a 'Buy' on E*TRADE (ETFC); Takeaways from Sell-Side Dinner with Management
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Price: $49.26 --0%
Rating Summary:
11 Buy, 13 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
11 Buy, 13 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Nomura Securities maintains a 'Buy' on E*TRADE (NASDAQ: ETFC) price target of $10.00.
Analyst, Keith Murray, said, "E*TRADE hosted a sell-side dinner with its management team, including CEO Steve Freiberg, CFO Matt Audette, President of E*TRADE Securities Mike Curcio, Chief Risk Officer Paul Brandow, and Chief Marketing Officer Nick Utton. The key takeaways were: The retail brokerage business is faring well, legacy loan portfolio could end 2012 below $11bn (a 20% decline), declining loan book will also lead to lower operating expenses, at a minimum they will likely re-finance the 12 ½% springing lien notes by the end of 2012, The long-term investor segment is a high priority, but it will take time. We think management is doing what it can (investing for growth and reducing legacy issues) and it remains open to an eventual sale of the company if that materializes. Our EPS estimates for 2012/2013 remain unchanged at $.60/$0.98."
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 $9.31 yesterday.
Analyst, Keith Murray, said, "E*TRADE hosted a sell-side dinner with its management team, including CEO Steve Freiberg, CFO Matt Audette, President of E*TRADE Securities Mike Curcio, Chief Risk Officer Paul Brandow, and Chief Marketing Officer Nick Utton. The key takeaways were: The retail brokerage business is faring well, legacy loan portfolio could end 2012 below $11bn (a 20% decline), declining loan book will also lead to lower operating expenses, at a minimum they will likely re-finance the 12 ½% springing lien notes by the end of 2012, The long-term investor segment is a high priority, but it will take time. We think management is doing what it can (investing for growth and reducing legacy issues) and it remains open to an eventual sale of the company if that materializes. Our EPS estimates for 2012/2013 remain unchanged at $.60/$0.98."
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 $9.31 yesterday.
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