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E TRADE Financial (NASDAQ:ETFC) was downgraded by Zacks from an “outperform” rating to a “neutral” rating in a research note issued on Thursday. They currently have a $23.00 price target on the stock. Zacks‘s price target indicates a potential upside of 7.33% from the stock’s previous close.

Zacks’ analyst wrote, “We have downgraded our long-term recommendation on E*TRADE to Neutral based on reduction in daily average revenue trades (DARTs) in the first 2 months of the second quarter. However, first-quarter 2014 earnings came significantly above the Zacks Consensus Estimate as well as the prior-year quarter earnings. Results benefited from lower expenses and reduced provisions. As the company completed the sale of its market making business during the quarter, we expect the company’s profitability to improve further in the near term as it aims to focus on core operations. E*TRADE’s initiatives to reduce legacy balance sheet risks look promising. However, it might exert near-term pressure on the margins. Also, we remain concerned owing to the volatile equity markets limiting the growth of DARTs.”

E TRADE Financial (NASDAQ:ETFC) traded down 0.37% on Thursday, hitting $21.43. 3,225,210 shares of the company’s stock traded hands. E TRADE Financial has a one year low of $13.16 and a one year high of $25.58. The stock’s 50-day moving average is $20.86 and its 200-day moving average is $21.39. The company has a market cap of $6.173 billion and a P/E ratio of 42.93.

E TRADE Financial (NASDAQ:ETFC) last announced its earnings results on Wednesday, April 23rd. The company reported $0.33 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.23 by $0.10. The company had revenue of $475.00 million for the quarter, compared to the consensus estimate of $454.51 million. During the same quarter in the prior year, the company posted $0.12 earnings per share. The company’s quarterly revenue was up 13.1% on a year-over-year basis. Analysts expect that E TRADE Financial will post $1.03 EPS for the current fiscal year.

A number of other analysts have also recently weighed in on ETFC. Analysts at Raymond James upgraded shares of E TRADE Financial from a “market perform” rating to an “outperform” rating in a research note on Monday, May 19th. They now have a $24.00 price target on the stock. Separately, analysts at Barclays reiterated an “overweight” rating on shares of E TRADE Financial in a research note on Thursday, April 24th. They now have a $26.00 price target on the stock. Finally, analysts at Credit Suisse reiterated a “neutral” rating on shares of E TRADE Financial in a research note on Thursday, April 24th. They now have a $25.00 price target on the stock. Six investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. E TRADE Financial presently has an average rating of “Buy” and an average price target of $23.79.

E*TRADE Financial Corporation (NASDAQ:ETFC) is a financial services company, which provides online brokerage and related products and services primarily to individual retail investors under the brand E*TRADE Financial.

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