- Wells Fargo analyst Jared Shaw downgrades Associated Banc-Corp (ASB -1.7%), Commerce Bancshares (CBSH -0.8%), UMB Financial (UMBF -1.3%) and First Republic Bank (FRC -1.2%) to underweight and sets PT of $20, $55, $60 and $100 respectively on valuation concern, if credit or growth concerns emerge.
- Wells Fargo analyst Mike Mayo downgrades Comerica (CMA -1.5%), KeyCorp (KEY -1.7%) and U.S. Bancorp (USB -1.6%) to underweight and sets PT to $71, $20 and $61 respectively.
- Mike believes these banks will underperform the banking industry over the next 12 months, consistent with the firm's new rating system.