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Deutsche says the environment is getting more and more challenging for online brokers, and the...

Deutsche says the environment is getting more and more challenging for online brokers, and the sector is likely to face continued headwinds going into 2012. Given current valuations, the firm cuts Charles Schwab (SCHW +0.7%) to Hold and recommends swapping out of it and into TD Ameritrade (AMTD +1.4%), upping it from Hold to Buy. The firm calls AMTD its top pick in the sector.
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