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Ah,those fickle analysts:
Jul 23 23:58 pm
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All Comments by jbmaria »S&P Upgrades E*Trade Despite Struggling Financial Sector Peers [View article]
S&P REDUCES RECOMMENDATION ON SHARES OF E TRADE FINANCIAL TO SELL FROM HOLDFont size: A | A | A
5:58 PM ET 7/22/08 | S&P Marketscope
RELATED QUOTES
4:00 PM ET 7/23/08
Symbol Last % Chg
ETFC
3.41 -15.80%
Quotes delayed at least 15 minutes
Q2 loss from continuing operations of $0.24 vs. EPS of $0.37 is wider than our $0.15 loss estimate. Loss provision for home equity portfolio was wider than we expected and credit quality declined, while losses on security sales offset better net interest margin and cost controls. Losses from investments in the GSEs will hurt Q3 results, but capital raised from other asset sales may offset. Net account growth also slowed. We widen our '08 loss estimate widens to $0.65 from $0.49, but keep target price at $3, a discount to a declining projected book value as writedowns continue.