Lowering his 1996 earnings expectations for J.P. Morgan & Co., Brown Brothers Harriman & Co. analyst Raphael Soifer downgraded the money-center bank to "hold" from "buy."

The analyst reduced his 1996 earnings estimates 13.3%, to $6.50. He also reduced his 1995 estimates 3.2%, to $6 a share. The revisions put Mr. Soifer well below the Wall Street consensus on J.P. Morgan of $6.26 a share in earnings for 1995 and $6.98 for 1996.

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