Continued merger speculation prompted an upgrade for J.P. Morgan & Co., but its shares dipped anyway, along with broader markets.

Morgan shares fell $2.0625, to $134.8125, after Carla A. D'Arista of Friedman, Billings, Ramsey & Co. in Arlington, Va., issued an upgrade to "accumulate" from "hold" and increased her 18-month price target by $38, to $168.

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