Just a day after Piper Sandler downgraded Wells Fargo to Neutral from Overweight on the heels of its earnings report, RBC Capital Markets has issued a more ominous downgrade. RBC dropped Wells Fargo to Underperform from Market Perform, effectively telling clients to "Sell rather than hold." The big rub here is that the firm's price target was lowered to $42 from $48 in this call. That did not prevent shares from rising (up about 1% on last look), but that implies that Wells Fargo shares would have about 13% downside from Wednesday's closing price of $48.32.