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UBS downgrades JPMorgan, Bank of America on outperformance

Downgrades

UBS analysts Saul Martinez and Antonio Chapa downgraded New York-based JPMorgan Chase & Co. based on "substantial" share outperformance.

JPMorgan's shares no longer offer sufficient upside, the analysts wrote.

The analysts downgraded the company's stock rating to "neutral" from "buy" and raised the price target to $138 from $132. They raised their 2019 and 2020 EPS estimates to $10.67 and $10.90 from $10.66 and $10.67, respectively.

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Martinez also downgraded Charlotte, N.C.-based Bank of America Corp. on outperformance.

The analyst wrote that there is limited upside potential for the company's stock due to recent outperformance.

The analyst downgraded the company's stock rating to "neutral" from "buy" and raised the price target to $36 from $34. The analyst maintained his 2019 EPS estimate of $2.70 but raised his 2020 EPS estimate to $3.06 from $2.98.

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UBS analyst Eric Wasserstrom downgraded McLean, Va.-based Capital One Financial Corp.

The analyst no longer believes improving expectations of operating efficiency will drive up EPS. Additionally, the analyst believes the stock valuation is approaching fair value.

The analyst downgraded the company's stock rating to "neutral" from "buy" and maintained the price target of $108. He raised his 2019 and 2020 EPS estimates to $11.14 and $12.14 from $11.08 and $11.80, respectively.