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.

UBS analyst Charles Peabody, who was not available to comment, reportedly views the recent slump in Bankers Trust shares as a buying opportunity and likes the bank's focus on capital markets.

Banc One shares fell tktk to tktk. Bankers Trust shares rose tktk to tktk.

Merrill Lynch & Co. analyst Sandra J. Flannigan downgraded Boatmen's Bancshares to "neutral" from "above average," noting weakness in its noninterest income in the first quarter.

Shares of Boatmen's fell 50 cents to $32.50.

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