JPMorgan has upgraded the Commonwealth Bank (ASX: CBA) and Bendigo and Adelaide Bank (ASX: BEN) on valuation grounds this morning. The two stocks were both upgraded from Underweight to Neutral. The broker found that the relative valuation gap between Bendigo and Adelaide bank and its peer, JPMorgan's preferred Bank of Queensland had closed. JPMorgan also found that the relative valuation between the CBA and its peers had closed, but it noted that all the banks were now fully valued after recovering from their corrections in the middle of 2013.
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