UPDATE: Sterne Agee Initiates E*TRADE Financial at Buy on Operating Leverage, Earnings Growth
January 15, 2013 at 08:11 AM EST
Sterne Agee initiated coverage on E*TRADE Financial (NASDAQ: ETFC ) with a Buy rating and an $11.00 price target. Sterne Agee said, "The continued run-off of the loan portfolio and bank deleveraging should drive considerable earnings growth in addition to substantial leverage to an improved operating environment. We view the