Nomura Securities analyst Steven Chubak reiterated a Buy rating and raised his price target on E*TRADE (NASDAQ: ETFC) to $33.00 (from $32.00) following strong Q3 results.

Chubak commented, "ETFC reported 3Q16 EPS of $0.51 ($0.58 ex restructuring / severance), well ahead of our $0.42 (and cons. $0.39). Vs. our forecast, the beat was primarily driven by a higher provision benefit (+$0.11), higher fee income (+$0.03), and lower comp (+$0.04); partially offset by higher non-comp (-$0.02). Positive risk / reward skew with "heads you win, tails you win" dynamic still in play."

FY16E EPS from $1.71 to $1.91; FY17E EPS from $1.73 to $1.84.

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 $28.20 yesterday.