UPDATE: BGB Securities Upgrades E TRADE Financial Corporation to Buy on Valuation
BGB Securities raises its rating on E TRADE Financial Corporation (NASDAQ: ETFC) but lowers its price target from $8.50 to $7.50 on revised estimates.
BGB Securities notes, "We are raising our rating on ETFC shares to Hold from Sell as we believe limited downside to the shares remain. In conjunction with this move we are lowering our EPS estimates to reflect: 1) the repercussions of reinvesting run-off from the mortgage portfolio in the current low rate environment, and 2) the negative effect on transaction volume from the sidelined retail investor. In conjunction with lowered estimates, we drop our price target to $7.50 from $8.50."
ETFC closed at $7.96 on Tuesday.
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