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JPMorgan Downgraded to Hold by Dick Bove

Famed banking analyst Dick Bove of Rafferty Capital Markets has downgraded JPMorgan Chase & Co(NYSE:JPM) from buy to hold. His price target on the stock is now $57 per share compared to the original level of $60 per share. Mr. Bove cited the increased scrutiny on the bank by regulators as a major reason for the downgrade. Legal issues are surfacing every other day at the bank.

                               (Image source: cnbc)