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Article: Barnett downgraded as stock price hits new 52-week high. (Barnett Banks Inc.)(Brief Article)
- Article from:
- American Banker
- Article date:
- July 28, 1995
- Author:
CopyrightCOPYRIGHT 1995 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Barnett Banks Inc. shares were downgraded by Lehman Brothers analyst Michael L. Mayo on Thursday, after the stock price hit a new 52-week high of $55.625.
Barnett shares tktk to tktk, Thursday, after Mr. Mayo downgraded them to "outperform" from "buy." He said takeover speculation had pushed the stock price higher than it should be, based on earnings.
What's more, he said, the stock price made the Jacksonville, Fla., bank less attractive as a merger target.
"It's still in the takeover basket, but it's no longer a table pounder in the face of a 30% gain in just a few months," Mr. Mayo said.
Other analysts agreed that Barnett has grown less ...