Wells Fargo Maintains an 'Outperform' on E*TRADE (ETFC); Sell-Off Overdone
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Price: $49.26 --0%
Rating Summary:
11 Buy, 13 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 20 | New: 6
Rating Summary:
11 Buy, 13 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 20 | New: 6
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Wells Fargo maintains an 'Outperform' on E*TRADE (NASDAQ: ETFC) price target range $13-$15.
Analyst, Christopher Harris, said, "ETFC shares underperformed on Friday (down 6% compared to down 1% for the S&P 500 index), which we attribute to a read-through from JPMorgan's (NYSE: JPM) Q1 results. Due to an accounting change, JPM was required to move $1.6B of mostly current 2nd lien loans to NPA status. Given ETFC’s high exposure to 2nd lien loans, we think investors are nervous about the implications for ETFC. We do not believe the accounting change will have a meaningful impact to ETFC and do not expect a similar rise to NPAs (ETFC reports Q1 results AMC on 4/19). As such, we think the sell-off in ETFC was overdone and would be buyers on the weakness."
For an analyst ratings summary and ratings history on E*TRADE click here. For more ratings news on E*TRADE click here.
Shares of E*TRADE closed at $10.06 yesterday.
Analyst, Christopher Harris, said, "ETFC shares underperformed on Friday (down 6% compared to down 1% for the S&P 500 index), which we attribute to a read-through from JPMorgan's (NYSE: JPM) Q1 results. Due to an accounting change, JPM was required to move $1.6B of mostly current 2nd lien loans to NPA status. Given ETFC’s high exposure to 2nd lien loans, we think investors are nervous about the implications for ETFC. We do not believe the accounting change will have a meaningful impact to ETFC and do not expect a similar rise to NPAs (ETFC reports Q1 results AMC on 4/19). As such, we think the sell-off in ETFC was overdone and would be buyers on the weakness."
For an analyst ratings summary and ratings history on E*TRADE click here. For more ratings news on E*TRADE click here.
Shares of E*TRADE closed at $10.06 yesterday.
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