Saying that "irrational selling" has created buying opportunities, analysts at Paine-Webber Inc. on Monday upgraded or affirmed their ratings on five bank and thrift stocks and initiated an "attractive" rating on another.

"Bank stocks have been horrible performers since third-quarter earnings were reported," said Lawrence W. Cohn, PaineWebber's money-center analyst. "But recently the pullback in the bond market seems to have run its course, and banks appear to be stabilizing."

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