After E-Trade made management changes, JMP Securities analyst Devin Ryan says that the company could be bought by a strategic acquirer for a premium of 40%+ to the current stock price. The analyst says that the company was "clear" about its commitment to generate shareholder value, and he adds that, "many depository firms could significantly improve E-Trade's profitability almost immediately as they better leverage its low-cost deposits." Moreover, he says that the company "currently has a $500M+ unmarked unrealized gain in its HTM securities, which could be unlocked by an acquirer that winds down the securities book." However, Ryan warns that he does not think that a sale of the company is "imminent." The analyst reiterates a $32 price target and Outperform rating on the stock.