Wall Streets debate over FleetBoston Financial Group rages on.
On Friday, a day after Prudential Securities analyst Michael Mayo placed a sell recommendation on FleetBoston, the shares were hit with a downgrade from Citigroups Salomon Smith Barney. Salomons Ruchi Madan, lowering her recommendation of Fleet to outperform from buy, also cut her estimate on Fleets first and second quarter earnings per share by six cents each. That would amount to first quarter earnings of 75 cents a share, below the consensus of 84 cents. Shares of Fleet fell, 4.4% to $38.70. The American Banker index of 50 bank stocks fell 2.79%, and its index of 225 bank stocks fell 2.42%.