Chemical Banking Corp.'s shares rose 62.5 cents, to $32.05, Monday after Oppenheimer & Co. upgraded its investment opinion on the New York bank.

The stock was one of the New York Stock Exchange's most active issues, with 1.2 million shares changing hands. Oppenheimer analyst Chris Kotowski raised his rating of Chemical to "short-term buy" from "market performer." He declined to say why he changed his opinion.

Chemical's stock has been on a seesaw lately. Shares fell earlier this month in heavy trading after Salomon Brothers Inc. downgraded the stock to a "hold" from a "buy."

John Leonard, a Solomon bank analyst, shaved s 1992 and 1993 estimates for Chemical by 10% because he believes the bank's credit quality problems are being resolved more slowly than anticipated.

Mr. Leonard now estimates that 1992 earnings per share will be $2.70, instead of $3, and 1993 earnings per share will be $3.85, down from $4.30.

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