Analysts downrated Chase Manhattan Corp. and SunTrust Banks Inc. Tuesday - a sign of uncertainty that the recent rally in bank stocks will last.

Lawrence W. Cohn of Paine-Webber Inc. downrated Chase, the nation's sixth-largest bank holding company, to "hold" as it approached his $44-a-share target price. Chase had risen 12.5 cents a share Monday, to a 52-week high of $40, but fell 75 cents, to $39.25, Tuesday after news of Mr. Cohn's action.

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