A PaineWebber Group analyst reduced his rating Wednesday on the stock of Bankers Trust New York Corp., squelching a mini-rally ignited by the bank's announcement of a dividend increase.

Lawrence Cohn revised his investment opinion on Bankers Trust to unattractive," from "hold." Mr. Cohn was said to be pessimistic about the banking company's prospects in 1994 because of an expected decline in trading profits.

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