Wells Fargo , PNC Financial Services and KeyCorp were downgraded by UBS analyst Saul Martinez.
Martinez lowered rating on Wells Fargo and PNC to sell and KeyCorp to neutral.
According to Martnez, the banks will undergo losses on their commercial and industrial loans, amid COVID-19 pandemic.
He also cut his earnings-per-share forecasts for large-cap banks by an average of -25% for 2020 (excluding Paycheck Protection Program lending) and by -18% for 2021.