Banking industry analyst Frank R. DeSantis Jr. of Donaldson Lufkin & Jenrette Securities Corp. upgraded J.P. Morgan & Co. on Monday, saying the "fear factor" is gone from its shares.

Mr. DeSantis put Morgan back on "outperform" status exactly a month after lowering it to "market performer" following news that Bankers Trust New York Corp. would sustain a first-quarter loss from trading reverses.

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