E-Trade tonight is expected to provide an update on the board's review of management progress and whether or not strategic alternatives like a sale are on the table, Barclays analyst Jeremy Campbell tells investors in a research note. The analyst does not expect E-Trade will announce a deal. While he's not sure what else E-Trade can do to accelerate net new assets growth, but he expects the board may be receptive to giving management additional time to figure it out. However, Campbell thinks a deal for E-Trade "still makes sense at some point." The analyst adds that despite the takeover premium now "faded" in the shares, he sees near-term downside in E-Trade. Nonetheless, he keeps an Overweight rating on the name.