Analysts at Lee Byers. upgraded shares of E-Trade Financial Corp.
Online PR News – 26-July-2011 – – Analysts at Lee Byers. upgraded shares of E-Trade Financial Corp. ETFC +1.30% to buy from neutral and cut its rival Ameritrade Holding Corp.'s AMTD -1.01% to neutral from buy. "We move E-Trade to buy and lower shares of TD Ameritrade to neutral, in advance of what is likely to be seasonally slower trading period. Moreover, the decline in recent yields will lead to lower asset reinvestment rates and drive net interest margins lower at peers relative to E-Trade, which hedges against moving rates," the analysts told clients in a research note released Sunday. Lee Byers set a $19 a shares price target on E-Trade, which closed at $15.92 on Friday.