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E-Trade Shares Jump After Earnings Beat, Upgrade

NEW YORK ( TheStreet) -- E-Trade Financial Corp.  (ETFC - Get Report) Shares were among the best performers in the financial sector Thursday after first quarter earnings results handily beat analyst estimates and Sander O'Neill analyst Richard Repetto upgraded the stock.

Shares were higher by 6.23% to $22.84 shortly before noon on Thursday.

E-Trade earned $0.33 per share versus a consensus expectation of $0.23, the online broker reported late Wednesday after the market closed.

KBW analyst Joel Jeffrey cited "higher than expected net interest income and a lower than expected provision expense," for the positive results. He left his recommendation unchanged at market perform but raised earnings estimates and his target price due to the results as well as "more favorable company guidance." 

Repetto's report could not immediately be obtained.

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Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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