The upcoming departure of analyst Michael Mayo from Credit Suisse First Boston is giving Chase Manhattan Corp.s investment ranking a bit of a boost on Wall Street.
Mr. Mayo, who had rated Chases shares as a hold, last week dropped his entire banking coverage upon being notified by Credit Suisse First Boston that his job would be a casualty of the firms merger with Donaldson, Lufkin & Jenrette. On Monday, DLJ bank analyst Susan Roth reiterated a buy rating on Chase shares. Mr. Mayos low rating of Chase was not surprising. He was not bashful about using low ratings on stocks his rating on Chase had been sell until it announced its deal last month to buy J.P. Morgan & Co., which he had also rated a sell.