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Morgan Keegan dropping all equity research

Morgan Keegan appears to be stopping coverage of all companies currently in its analysts’ coverage universe.

Elkan Scheidt, Morgan Keegan’s director of research, sent out an email late Friday, which said the following:

“Effective March 30, 2012, Morgan Keegan is dropping coverage of all companies and securities presently covered by its Equity Research department. Due to analyst departure, we are changing the rating of the stocks below to Not Rated. The previous ratings, target prices and earnings estimates should no longer be relied upon.” (The email goes on to list 9 pages of companies.)

That follows Friday’s news that some 218 positions had been identified as redundant in the Morgan Keegan-Raymond James integration, and that 68 jobs would be lost in Memphis.