Following record earnings reported for the third quarter by Chittenden Corp., Advest Inc. Monday raised its rating on the company's stock to "buy" from "accumulate."

The Burlington, Vt.-based bank had a net income of $4.02 million for the third quarter of 1994, an increase of more than 40% over the $2.86 million from the same period last year. Frank Barkocy, a senior vice president and managing director at Advest, cited a number of additional reasons for the upgrade.

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