Banc of America Securities downgraded E*Trade Financial Corp (ETFC) and said, despite a $2.55 billion capital infusion into the online bank and brokerage, Citadel Investment Group emerged as the winner after buying the company's mortgage-related securities portfolio.
Banc of America cut its rating on E*Trade to "sell" from "neutral" and slashed its price target on the stock to $2 from $9. It also lowered its 2008 earnings estimates on the company to a loss of 20 cents a share from a profit of $1 a share....MORE
