Citi downgraded JPMorgan Chase JPM +0.50% to neutral, from buy. This was in anticipation of the second-quarter results for the banking industry. Citi analysts led Keith Horowitz believe that JPMorgan has recovered its premium valuation, and have moved it to the sidelines. Its top picks include Comerica CMA +3.12%, KeyCorp KEY +3.13% Wells Fargo WFC +1.22% and Bank of New York Mellon BK +1.28%. U.S. Bancorp USB +0.54% was also on its watch list.