Concerned that Banc One Corp. may be buckle under pressure to keep pace with other regional banks and make a costly acquisition, Dean Witter Reynolds analyst Anthony Davis Thursday downgraded its shares to "accumulate" from "buy."

Mr. Davis' recommendation came on the heels of reports that Banc One was a bidder in the auction of Boatmen's Bancshares which was won by NationsBank Corp. NationsBank announced a $9.5 billion deal with Boatmen's last Friday.

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