Barclays Maintains an 'Equalweight' on E*TRADE (ETFC); Cutting Numbers on Near-Term Challenges

Barclays maintains an 'Equalweight' on E*TRADE (NASDAQ: ETFC) price target of $10.00 (from $11.00).

Analyst, Roger A. Freeman, said, E*Trade reported Q2 earnings of $0.14, which topped the Street consensus of $0.11, however, backing out the $0.03-0.04 benefits from one-time tax etc, earnings were more like in-line. Revenues for the quarter were weaker than expected. Non-interest revenues fell short as well. The main positive was credit trends (in loan portfolio). All in, the environment remains challenging and Freeman is cutting estimates for FY12 from $0.54 to $0.44 and FY13 from $0.83 to $0.68.

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 $7.39 yesterday.

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