UPDATE: Nomura Downgrades E*TRADE Financial Corporation to Neutral, Reiterates $11 PT on Limited Upside

In a report published Friday, Nomura downgraded its rating on E*TRADE Financial Corporation (NASDAQ: ETFC ) from Buy to Neutral and reiterated its $11.00 price target. Nomura noted, “Shares of ETFC are up 20% so far this year, outpacing the broader market and its online broker peers. Unfortunately, the driver