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Wells Fargo Thinks E*Trade Financial’s Stock is Going to Recover


In a report released today, Christopher Harris from Wells Fargo maintained a Buy rating on E*Trade Financial (ETFC), with a price target of $55. The company’s shares closed yesterday at $43.40, close to its 52-week low of $40.41.

According to TipRanks.com, Harris is a 4-star analyst with an average return of 5.4% and a 54.8% success rate. Harris covers the Financial sector, focusing on stocks such as Intercontinental Exchange, Raymond James Financial, and Stifel Financial Corp.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for E*Trade Financial with a $60.22 average price target.

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Based on E*Trade Financial’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $762 million and net profit of $285 million. In comparison, last year the company earned revenue of $667 million and had a net profit of $129 million.

Based on the recent corporate insider activity of 60 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of ETFC in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

E*TRADE Financial Corp. engages in the provision of investment and online stock brokerage services. It offers digital platforms and support to individual investors through phone, email, and online via two national financial centers as well as in personal though financial centers.

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