UPDATE: Raymond James Upgrades E*Trade

In a report issued Monday, Raymond James upgraded its rating of E*Trade Financial ETFC from Market Perform to Outperfom with a target price of $24.

Analyst Patrick O'Shaughnessy sees that E*Trade's new management team has "successfully reinvigorated the firm’s brokerage franchise" and that E*Trade is not dependent on rising interest rates."

O'Shaughnessy has an estimated EPS for E*Trade of $1.08 for 2014 and $1.25 for 2015.

E*Trade is up 0.55 percent to $20.17 at last checked trade.