Raymond James & Associates Inc. analyst Richard X. Bove Tuesday downgraded shares of NationsBank Corp. to "accumulate" from "buy."

Mr. Bove said although NationsBank's third-quarter earnings were strong, the increases were due to unsustainable events, such as asset sales, reduced labor costs, and a decrease in shares outstanding.

He said the bank's mergers with Boatmen's Bancshares, Montgomery Securities, and Barnett Banks have put great pressure on the bank and interfered with its net interest income, margin, investment banking, and trust businesses.

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