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Non-Tech : E*Trade (NYSE:ET) -- Ignore unavailable to you. Want to Upgrade?

To: Mandalou who wrote (6366)	5/7/1999 10:22:00 AM
From: Tom_	Respond to of 13953

Lehman: Buy. Target $140. Lehman's Repetto Recommends Investors Buy ETrade, Ameritrade Bloomberg News May 7, 1999, 6:28 a.m. PT New York, May 7 (Bloomberg) -- Lehman Brothers Holdings Inc. analyst Richard Repetto recommended investors buy ETrade Group Inc. and Ameritrade Holding Corp., as he began coverage of both online brokerage stocks. Repetto set a 12-month target price of 140 for ETrade and 150 for Ameritrade. ETrade, the No. 2 online broker, rose as high as 108 3/4 in early Nasdaq Stock Market trading, from 105 1/16 yesterday. Ameritrade, which ranks sixth, rose to 109 from 108 1/2. ''The main driver for these companies is the irreversible change in the way investors trade stocks, because of the speed, convenience and price of doing it online,'' Repetto said. ''We're looking at 30 percent (annual) growth in accounts over the next three years.'' Both stocks have risen more than fourfold this year amid a 49 percent increase in industrywide customer trades, to 496,000 daily. Investors, often buying and selling Internet stocks, are drawn to online trading by an industrywide average commission of less than $16 per trade. Ad spending of $100 million this year by Ameritrade and twice that by ETrade will spur account growth, Repetto said. ... ETrade customers made 65,800 trades daily in the first quarter, up more than 60 percent. The company's Destination E*Trade Web site has about 1 million non-paying users targeted as potential account holders. ~~~~~ Best wishes, Tom