LONDON (MarketWatch) -- Bank of America on Tuesday downgraded its rating on Citigroup (
C: 34.78, -1.12, -3.1%) to neutral from buy, saying valuation is no longer a reason to recommend the stock. Separately, CIBC analyst Meredith Whitney, whose downgrade of Citi last week triggered a sharp drop in the stock ahead of CEO Chuck Prince's resignation, told the Daily Telegraph that the only way forward is to carve up the bank and sell it off.
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