NEW YORK -- After declaring Monday that the bull market in bank stocks was over, analyst Thomas Brown at Donaldson, Lufkin & Jenrette has now cut his ratings on seven banks.

Mr. Brown had been one of the biggest bulls on bank stocks. He changed his mind after Morgan Guaranty Trust Co. cut its prime lending rate 50 basis points to 5.5% Monday and after analyzing third-quarter earnings reports, which he considered uninspiring.

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