Sandler O'Neill & Partners analyst Richard Repetto downgraded E*TRADE Financial Corp. to "hold" from "buy," writing that the company's price cuts on active trade commission fees "go too far."
The research note was published hours after E*TRADE lowered its base-rate commission to $6.95 from $9.99 per trade. The company also said it was cutting per-trade fees for customers who execute at least 30 trades a quarter to $4.95, matching the rate of Charles Schwab Corp. and Fidelity Investments. T
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