Evercore ISI analyst Chris Allen upgraded E-Trade to Buy with a $33 price target. Allen said E-Trade has taken a significant step forward in its ongoing capital story following yesterday's announcement it will pay down $4.4B in wholesale funding obligations. The analyst said the move sets the stage for more normalized earnings in 2016 and beyond. Allen said trading activity near-term should be supportive of earnings and the stock. Longer-term, he sees the potential for the $50B "systematically important" threshold to be raised, which would allow the company to on-board the remaining off-balance sheet deposits.