Wells Fargo (WFC -0.2%) and U.S. Bancorp (USB -0.2%) are both downgraded to Sell by Atlantic...

|About: Wells Fargo & Co. (WFC)|By:, SA News Editor

Wells Fargo (WFC -0.2%) and U.S. Bancorp (USB -0.2%) are both downgraded to Sell by Atlantic Equities' Richard Staite, who says valuations and earnings expectations are already high, leaving little room for upside surprises. Wells is likely "overearning" relative to normal capacity thanks to previously high (now, not so much) refinance volumes. His top pick is Bank of America (BAC -0.4%), currently "underearning" by as much as 50% thanks to high legal and asset servicing costs.