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Citi downgrades JPMorgan Chase on 'challenging environment'

JP Morgan and Chase featured in the NYSE.
Brendan McDermid | Reuters

Citi Research on Monday lowered its rating on JPMorgan Chase to neutral from buy, citing a full valuation and lack of upside in a low-growth economy.

"In this environment, you want to rent not buy the banks," analyst Keith Horowitz wrote in a note to clients.

"In a prolonged low rate/growth environment, we believe the banks are more trading range stocks and we believe the time to add to positions is when sentiment is negative."

JPMorgan Chase shares are up 7 percent in the past month as the bank reported better-than-expected second quarter earnings in July.