Analyst Frank R. DeSantis Jr. of Donaldson, Lufkin & Jenrette Securities Corp. downgraded J.P. Morgan & Co. on Tuesday, warning that the current bond rally, unlike its late-1993 predecessor, would not boost the money- center's return on equity.

He lowered his investment rating to "market performance" from "outperform," and said not to buy the shares again unless they fell below $70 a share. The stock closed down $1.625 Tuesday at $72.50.

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