Investors should avoid buying Bankers Trust Corp. stock until receiving clearer indications that the company will be indeed be bought by Deutsche Bank AG, an analyst said Monday.

The skeptical comment on Deutsche Bank's $93-a-share bid came in the form of a downgrade of Bankers Trust shares, to "hold" from "strong buy," by Carla D'Arista, a banking analyst at Friedman, Billings, Ramsey & Co. Investors should "hold at this time and sell at $93," she said.

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