Arguing that a continuation of the bond rally could lift bank shares still higher, analyst Raphael Soifer of Brown Brothers Harriman lifted his short-term ratings of BankAmerica Corp., Chase Manhattan Corp. and Citicorp to "buy" from "hold."

Mr. Soifer, who also raised his price targets for the three banking companies' shares, said he expects the bond rally to continue in the next one to three months.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.