Nomura Securities Defending E*TRADE (ETFC); Remains Our Top Online Broker Pick

Nomura Securities maintains a 'Buy' on E*TRADE (NASDAQ: ETFC) price target of $13.00.

Analyst, Keith Murray, said, "Shares of ETFC sold off 5.6% on Friday (S&P 500 was down 1.3%) after JPMorgan and Wells Fargo noted that regulators had asked them to move current home equity loans that are behind delinquent first liens to nonaccrual. We think the sell-off in E*TRADE shares was overdone as: 1) Reserves Likely Factor in the High Risk of These Loans Already; 2) Really a Timing Difference If a Current Loan Moves to Non-accrual; and 3) Delinquency Metrics Continue to Improve."

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 $10.06 yesterday.

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