UPDATE: Topeka Capital Markets Lowers PT on E*TRADE
Topeka Capital Markets maintains a Buy rating E*TRADE Financial (NASDAQ: ETFC) and lowers its price target to $9.50.
Topeka Capital Markets remarks, “We are trimming our price target and EPS estimates for E*TRADE ahead of 2Q12 earnings, primarily due to yet another pull-back in interest rates and ongoing tepid trading activity. Furthermore, we expect management's forward outlook for net interest margin (NIM) will prove uninspiring based on continued rate weakness, and trading activity should remain muted as we move through the seasonally slow summer period. Nonetheless, we remain constructive on ETFC shares given our expectation of positive catalysts over the next 12 months, outside of significant macro improvement, centered around strengthening credit and capital and eventual debt relief.”
E*TRADE Financial closed at $7.53 on Tuesday.
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