Two Wall Street analysts downgraded First Fidelity Bancorp. Wednesday on price, saying it was less than 10% away from their targets.
Brown Brothers Harriman & Co.'s Nancy Bush downgraded the bank to "neutral" from "buy," and C.J. Lawrence analyst Michael Plodwick lowered the bank's rating to "accumulate" from "buy."
Shares of First Fidelity have risen this year on rumors of a takeover by NationsBank Corp., along with a general uptick in bank stocks.
First Fidelity closed at $49.875, down 12.5 cents.
Mr. Plodwick set the 52-week price target at $54, and Ms. Bush between $54 and $55. She also lowered her 1995 earnings per share estimate to $5.65 from $5.70. She dropped her estimate for 1996 to $6.15 from $6.20.
Mr. Plodwick also downgraded from "accumulate" to "buy" Firstar Corp. and Mark Twain Bancshares, and lowered to "hold" from "buy" Barnett Banks Inc., Corestates FinancialCorp., National City Corp. and Wachovia Corp. -