Raymond James analyst Patrick O'Shaughnessy raised his price target for E-Trade to $47 from $45 and maintained an Outperform rating following the company's Q3 results. In a research note to investors, the analyst says he believes E-Trade's reluctance to pursue a sale in the wake of the most recent round of commission reductions will "frustrate" many investors, but feels that management's commentary leaves the door open for a possible suitor. In the meantime, the analyst says E-Trade is taking aggressive steps to defend EPS such as operating expense reductions and sizable share repurchases.