At the end of a tumultuous week that saw stocks flirting with their first bear market in 10 years, analysts were casting about for value among bank stocks.

Friedman Billings Ramsey & Co. in Arlington, Va., lowered estimates for three banking companies, while upgrading their ratings because of the week’s market selloff. Analyst John B. Wimsatt upgraded Bank of America Corp. of Charlotte, N.C., and Wachovia Corp. of Winston-Salem to “buy” from “market perform.” He also upgraded Wells Fargo & Co. of San Francisco to “buy” from “accumulate” while reiterating his “buy” ratings for FleetBoston Financial Corp. and J.P. Morgan Chase & Co.

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