UBS Hands Wells Fargo Sell Rating On Coverage Initiation But Misses Key Point

What was missing when UBS handed Wells Fargo a sell rating when it initiated coverage today?

Perhaps one of the most interesting points of reading bank research is when one big bank downgrades or otherwise questions another. For all the polite, politically correct filtering that goes into bank communications, these moments of reality often seem like the point at which those who know the situation best – banks – provide the most insight into bank financial analysis. Such was the case when sometimes bad boy UBS downgraded Wells Fargo, a bank that had the good sense to stay out of the