UPDATE: Goldman Sachs Downgrades E TRADE to Neutral

Goldman Sachs lowers its rating on E TRADE

on earnings pressure from NIM and trading realities, and lowers its price target to $9 from $10. Goldman Sachs says, "Since we upgraded ETFC on May 8, 2011, it is down 41% compared to a 1% decline in the S&P 500 and a 10% decline for our coverage group. Over the past 12-months, ETFC has declined 2% compared to a 3% increase for the S&P. Upside risks to our thesis include higher interest rates, and downside risks include lower client activity." ETFC closed at $9.36 a share yesterday.