Salomon Downgrades Five Brokerages

Analyst Guy Moszkowski says Goldman Sachs, and some other top firms, have reached the top of their trading bands

Salomon Smith Barney downgraded Goldman Sachs (GS ) to neutral from buy, and cut Bear Stearns (BSC ) to neutral from outperform. Salomon also downgraded Lehman Brothers (LEH ), Merrill Lynch (MER ) and Morgan Stanley Dean Witter (MWD ) to outperform from buy.

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