JPMorgan downgraded to neutral by Citi on premium valuation

JPMorgan Chase
JPM,
+0.50%
was downgraded to neutral from buy at Citi ahead of second-quarter earnings for the banking sector. Citi analysts led by Keith Horowitz said JPMorgan’s premium valuation has returned, moving it to the sidelines. It said its top picks are Comerica
CMA,
+3.12%,
KeyCorp
KEY,
+3.13%,
Wells Fargo
WFC,
+1.22%
and Bank of New York Mellon
BK,
+1.28%,
as it maintained a negative catalyst watch on U.S. Bancorp
USB,
+0.54%
and opened negative catalyst watches on Fifth Third
FITB,
+0.48%
and Northern Trust
NTRS,
-0.21%.