The median target price for E*Trade (ETFC) among analysts polled by Thomson/First Call is $9. Today, Bank of America cut the stock to "sell" and it is trading below $4. B of A’s new price target is $2.
Bank of America said in its research note the "best-case scenario for E*Trade to be another $1 billion addition to its reserves, while the worst case would be a continued fire sale of assets resulting in an outright sale of the company’s home equity portfolio."
Those folks with the $9 target are looking a bit off.
Douglas A. McIntyre
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