Two brokers have downgraded Bank of Queensland (ASX: BOQ) this morning in the wake of its FY13 results. UBS has downgraded from Buy to Neutral, whilst Macquarie downgraded from Neutral to Underperform. UBS was happy with the turnaround in the bank in terms of cleaning up bad debt and improving its net interest margin. However, this turnaround is already priced into the market and the broker believes the new growth phase may bring its own problems. Macquarie was similarly pleased with the expected improvement in bad debt charges, but also thought that the bank was now fully priced.