: JPMorgan downgraded to neutral by Citi on premium valuation

JPMorgan Chase JPM was downgraded to neutral from buy at Citi ahead of second-quarter earnings for the banking sector. Citi analysts led by Keith Horowitz said JPMorgan’s premium valuation has returned, moving it to the sidelines. It said its top picks are Comerica CMA, KeyCorp KEY, Wells Fargo WFC and Bank of New York Mellon BK, as it maintained a negative catalyst watch on U.S. Bancorp USB and opened negative catalyst watches on Fifth Third FITB and Northern Trust NTRS.

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