Barclays analyst Jeremy Campbell says investors "lit up" his phones after E-Trade Financial management said last night on the earnings call that it is "open" to M&A discussions, just as they've always been. Currently, the stock seems to be pricing in ~40% odds of an acquisition, Campbell tells investors in a research note. However, last night's management color, combined with a reiteration of the $7 earnings per share target, which was pushed out a year, signals a continuation of a "go alone" strategy, says the analyst. Campbell believes that with no definitive near-term resolution in sight, E-Trade shares may maintain the "delicate balance between the two binary valuation poles." The poles are a low $30s per share standalone value versus a ~$50 per share takeout price, according to the analyst. He raised his price target for E-Trade shares to $32 from $31 and keeps an Underweight rating on the name.