Bank of America on E*Trade: Citadel to Sell Remaining Stake
Bank of America analyst Michael Carrier published a report on E*Trade (NASDAQ: ETFC) that maintained an Underperform rating and $10.00 price objective after Citadel announced they would sell its remaining stake.
In the report, Bank of America said, "E*Trade announced that Citadel Equity Fund intends to offer its 27.4M share ETFC stake (9.6% of shares outstanding) in an underwritten offering, with closing expected on or about March 19th (none of the proceeds will go to E*Trade). We maintain our Underperform rating."
On Wednesday, E*Trade closed at $10.99.
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