UBS Securities Wednesday downgraded the stock of Banc One Corp. to "sell" from "hold" and upgraded Bankers Trust New York Corp. to "buy" from "hold."

Analyst Brent Erensel said Banc One's first-quarter earnings amounted to only 68 cents a share when adjusted for about 7 cents of nonrecurring items. "The stock is up 22% year-to-date on relief over interest rate fears when, in fact, the true consideration should be how this superregional (will) generate top-line revenue growth," he said.

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