Deutsche Bank Maintains Hold on E&TRADE's November Metrics
Deutsche Bank has published a research report on E*TRADE (NASDAQ: ETFC) after the company reported its monthly metrics for November.
In the report, Deutsche Bank writes, "ETFC reported its monthly metrics with DARTs coming in ~141K (‐10% m/m & ‐11% y/y) for the month of Nov (slightly worse than peers). End of period accounts remained steady at ~4.3M; however, total net new accounts were negative ~4.1K, while net new brokerage accounts were weak, but improved from Oct (+207 vs. ‐836 last month & +5.2K in Nov 2010). In addition, total client assets declined to ~$173B (‐2% m/m & +4% y/ y), driven by downward trending markets (S&P ‐0.5% & NDAQ ‐2.4% in Nov), partially offset by net new customer assets of $0.5B (vs. $0.6B last month and $0.7B in Nov 2010). Lastly, total special mention delinquencies & total "at risk" delinquencies were unchanged from Sept to Nov, but did tick up 5% and 2%, respectively from Oct to Nov."
Deutsche Bank maintains its Hold rating and $10 price target on E*TRADE, which is currently trading down $0.40 from yesterday's $8.58 closing price.
