E-Trade shares rise in premarket on upgrade

arcong (阿莲)
10% in premarket trade Monday as Citigroup analyst Keith Walsh upgraded his view on the online broker to buy from hold. Citi raised its target price on the stock to $2.30 from $1.50. Walsh said E-Trade raising capital and a recent debt exchange have eased concerns over the firm's balance sheet. The analyst also noted a deal could be possible with competitors TD Ameritrade Holding Corp. /quotes/comstock/15*!amtd/quotes/nls/amtd (AMTD 19.58, +0.20, +1.03%) and Charles Schwab Corp. /quotes/comstock/15*!schw/quotes/nls/schw (SCHW 17.94, -0.42, -2.29%) both making public comments about the attractiveness of E-Trade's 2.7 million brokerage accounts. The likelihood of a transaction will increase as E-Trade's loan portfolio stabilizes, Walsh said in a research note.
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