Germany's Biggest Banker Downgrades JPMorgan and PNC: What You Need to Know
Every day, Wall Street analysts upgrade some stocks, downgrade others, and "initiate coverage" on a few more. But do these analysts even know what they're talking about? Today, we're taking one high-profile Wall Street pick and putting it under the microscope...
It's bad news for investors in U.S. financial giants today, as Germany's biggest bank has announced a pair of downgrades on two of America's biggest banks. This morning, Deutsche Bank said it is pulling its buy ratings on both JPMorgan Chase (NYSE: JPM) and PNC Financial (NYSE: PNC), cutting both stocks to neutral.
The question is: Why?
Source: Fool.com