Wells downgraded at Macquarie

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

The year's stalwart performer among the big banks, Wells Fargo (WFC -0.6%) is cut to Underperform at Macquarie, the team citing the lender's high relative valuation.

Wells Fargo is ahead nearly 16% YTD, while JPMorgan, Citigroup, and BofA are all in the red. Wells' performance also wins out when compared to major regional lenders like U.S. Bancorp, PNC Financial, and BB&T.