Goldman Sachs Discusses E-Trade's Earnings (ETFC)

Goldman Sachs is out with a research report on E-Trade Financial (NASDAQ: ETFC) after it reported earnings after the bell last night. It raised its price target to $19 from $18.

In a note to investors, Goldman writes, "E*Trade: solid credit and brokerage continue to surprise E*Trade posted operating EPS of $0.16 compared to consensus of $0.12, driven by better credit and robust brokerage trends (new assets, margin debt, market making). We increase 2011E/2012E/2013E EPS to $0.75/$1.25/$1.65 from $0.65/$1.20/$1.60 and our 12-month price target to $19 from $18."

Shares of ETFC are up 70 cents to $16.62, a gain of 4.4% in pre-market trading.