) from Market Perform to Market Outperform and initiated a $26.00 price target. Shares of E*TRADE were up 119% in 2013. Even if an upside was missed, the analyst remarked that the risks have "incrementally diminished, and that the firm and its valuation are only in the middle innings of its full recovery." Ryan commented on E*TRADE's multi-year transformation, noting that valuation should be judged on the firm's long-term progress. JMP wrote that the price target is based off of a 10x multiple, the low end of the historical range and JMP's normalized EPS range. The analyst remarked, "The bottom line, in our view, is with shares currently trading at an adjusted 7.5x "normalized" EPS (excluding excess capital), we believe the valuation is still compelling, even after the recent run-up." Shares of E*TRADE closed at $20.97 on Friday.