Keefe, Bruyette & Woods Optimistic on E-Trade

Keefe, Bruyette & Woods appears to be somewhat optimistic on shares of embattled online brokerage firm E-Trade Financial (Nasdaq: ETFC), initiating coverage of the shares with a "market perform" rating and a one-year price target of $1.70.

KBW said E-Trade is on the road to recovery and that its brokerage business should be enough to support operations going forward or attact a potential suitor.