Robertson Stephens Cuts E*Trade to Buy
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.
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