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Deutsche Bank downgrades TD Ameritrade, E*Trade

  • TD Ameritrade (NASDAQ:AMTD) falls 2.6% in premarket trading after Deutsche Bank analyst Brian Bedell downgrades AMTD and E*Trade (NASDAQ:ETFC) to hold from buy as the outlook for interest rates worsen and competition heats up with Fidelity advertising higher sweep deposit rates in money-market funds.
  • Also notes uncertain strategy for AMTD after CEO Tim Hockey's plan to leave in February.
  • Cboe Global (NYSE:CBOE), CME Group (NASDAQ:CME), Intercontinental Exchange (NYSE:ICE), and Nasdaq (NASDAQ:NDAQ) are now Bedell's only buy-rated stocks.
  • Quant rating for AMTD is Neutral; before this action, Sell-Side average rating was Outperform (7 Buy, 4 Outperform, 9 Hold).
  • Quant rating for ETFC is Neutral; before this action, Sell-Side average rating was Outperform (5 Buy, 8 Outperform, 3 Hold).

This was corrected on 01/31/2022 at 2:00 PM. Corrects name of bank that downgraded the stocks in headline.

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AMTD-OLD--
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ETFC--
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ICE--
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