Robertson Stephens Cuts E*Trade to Buy

Analyst Justin Hughes cites the stock's valuation, as the shares appreciated 70% over the last two months

Robertson Stephens cut its investment rating on online broker E*Trade Group (ET ) to buy from strong buy on valuation concerns. Analyst Justin Hughes notes that E*Trade shares appreciated 70% over the last 2 months and credited the company for its improved fundamental outlook. The company posted fourth quarter earnings per share from ongoing operations of $0.07 vs. $0.02 on a 3.5% revenue rise.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.