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By Forbes staff

The result of the merger between two of last year's top three firms, the combined Bank of America Securities-Merrill Lynch Research had more than twice the award-winning analysts, 41, than the runner-up.

We hand out these awards to security analysts based on their prowess for both picking stocks and estimating earnings in their respective industries, as tabulated by Zacks Investment Research in Chicago.

The awards span 50 industries, and the Dazzling Dozen - the 12 highest-ranked analysts regardless of industry - are included in our brokerage totals.

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Citigroup took second place, with 20 awards; Deutsche Bank Securities and UBS tied for third with 16 awards apiece; Raymond James came in fourth with 15 awards.

This table, below, lists the seven brokerages with 10 or more awards. Note: These firms did not participate: J.P. Morgan Securities, Goldman Sachs ( GS - news - people ) and Alliance Bernstein.

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