Raymond James Lightens up on Citigroup, JPMorgan Chase (C, JPM)

Analysts at Raymond James on Wednesday downgraded embattled financial services giants Citigroup Inc. (C) and JPMorgan Chase & Co. (JPM).

The firm cut its rating on C from “Strong Buy” to “Outperform,” noting the company is exposed to global economic concerns.

Meanwhile, the analyst also downgraded JPM from “Strong Buy” to “Outperform,” citing the recent CIO debacle, as well as macroeconomic issues that could hang over the shares.

Citigroup shares rose 35 cents, or +1.4%, in premarket trading Wednesday, while JPMorgan Chase shares gained 41 cents, or +1.3%.

The Bottom Line
Shares of Citigroup (C) have a .16% dividend yield, based on last night’s closing stock price of $25.75. The stock has technical support in the $23-$25 price area. If the shares can firm up, we see overhead resistance around the $30 price level. Shares of JP Morgan (JPM) have a 3.75% dividend yield, based on last night’s closing stock price of $31.99. The stock has technical support in the $28-$30 price area. If the shares can firm up, we see overhead resistance around the $34-$36 price levels.

Citigroup Inc. (C) and JPMorgan Chase & Co. (JPM) are both rated “Neutral” by Dividend.com.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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