Natwest Securities Corp. analyst Steve Berman on Wednesday cut his 1994 earnings projection for First Chicago Corp., but at the same time raised his rating to "buy" from "hold."

Mr. Berman said his actions were based on a 10% decline in the price of First Chicago's stock during the past few weeks, bringing it "more in line with other money centers."

Although he cut his estimate for this year by 20 cents to $6.30, the Natwest analyst raised his 1995 projection for the bank by 20 cents, to $7 per share, in anticipation of "more strength in trading and wholesale banking activities."

Keefe Bruyette & Woods analyst David Berry also upgraded First Chicago to "buy" citing the current price.

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