NEW YORK — Wells Fargo & Co., PNC Financial Services Group Inc. and several large regional banks face bigger credit strains than their stock prices would suggest, UBS AG said Thursday as it started coverage of ten large regional banks with "sell" or "neutral" ratings.

The note of caution on Wells Fargo from ex-Merrill Lynch analyst Heather Wolf, known for predicting trouble at Huntington Bancshares Inc., Zions Bancorp and elsewhere in 2007-08, contrasts with some of the Street's more recent favorable commentary.

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