UPDATE: Credit Suisse Upgrades E*TRADE Financial Corp. to Outperform, Raises PT on Turning Point in Unlocking Value

In a report published Friday, Credit Suisse analyst Christian Bolu upgraded the rating on

from Neutral to Outperform, and raised the price target from $24.00 to $28.00. In the report, Credit Suisse noted, “We are upgrading ETFC shares to Outperform. Following the approval of ETFC's capital plan, we now see a more credible pathway to unlocking the substantial trapped value in the E*trade franchise. Our revised target price is $28 (old: $24), and implies shares can trade at 15x 2016 EPS plus ~$5 per share of excess capital.” E*TRADE Financial Corp. closed on Thursday at $22.65.