NEW YORK -- Salomon Brothers Inc. analyst Bruce Harting upgraded Great Lakes Bancorp, Ann Arbor, Mich., to "buy" from "hold."
Mr. Harting cited the company's announcement that it plans to adopt an accounting change in the third quarter that it will eliminate most of the goodwill on its books. He said the move should increase the company's 1994 earnings to about $2.50 a share. Mr. Harting had estimated that Great Lakes would earn $2.10 to $2.20, compared with a loss of 9 cents a year earlier.
He also noted that the company's market share is about 15%, while its next closest competitor's share is 8%.
