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E*TRADE Stock Upgraded by Morgan Stanley on Valuation

“Morgan Stanley analyst Michael Cyprys said in a research note to clients covered by Benzinga that the discount in E*TRADE Financial Corporation’s (ETFC) stock price is “unwarranted.”” writes Donna Fuscaldo for On a conservative basis, Morgan Stanley believes that the corporate tax rate can decline to 27%.E*TRADE shares may have surged last year, but the stock is still trading at a discount to its peers, prompting Morgan Stanley to raise its rating this week.With E*TRADE shares closing Thursday’s trading session at $51.30, Morgan Stanley’s Cyprys believes that the stock could gain more than 23% in 2018.The Wall Street analyst said that E*TRADE’s tax rate is 38% to 39%, which is one of the highest in its industry.

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