NEW YORK - A week after raising the investment rating on J.P. Morgan & Co. in anticipation of a rebound in its shares and a dividend increase, PaineWebber Securities Inc. analyst Lawrence Cohn lowered the money-center banking company to "unattractive" from "neutral."

Mr. Cohn said the shares bounced as he expected and the dividend was increased. He is now advising investors to take profits, particularly since he predicts lower trading profits at J.P. Morgan next year and, as a result, lower total profits.

He estimated J.P. Morgan will earn $8.20 a share in 1993 and $6.45 in 1994. J.P. Morgan posted net income of $5.66 for 1992 after a restatement.

Last week, Mr. Cohn had lifted J.P. Morgan to "hold" from "sell."

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