Dean Witter Reynolds Inc. analyst Anthony Davis this week upgraded Signet Banking Corp. to "buy" from "accumulate."

He raised his 1995 earnings-per-share estimate to $2.10 from $2.05, and his 1996 estimate to $2.60 from $2.50. The First Call Corp. consensus estimate of 21 analysts covering the stock is $1.96 a share for 1995, and $2.33 a share for 1996.

Mr. Davis said Signet had lagged behind the regional banking group's stocks but should see strong growth, particularly in its loan-by-check program.

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