PaineWebber downgrades Maryland Federal.

NEW YORK -- PaineWebber Inc. analyst Stephanie Giroux downgraded Maryland Federal Bancorp to "neutral" from "attractive" on a price basis.

Ms. Giroux also reduced her 1994 earnings projection on the thrift to $3.05 a share, from $3.25 and cut her 1995 outlook to $3.15 from $3.45.

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