Wells Fargo ( WFC) ($36.50 vs. $34.85 on Feb. 6) has been downgraded to hold from buy with the stock 8.2% overvalued with a one-year price target at $38.14. WFC traded to a new multi-year high at $36.62 on Friday a level not seen since October 2008. The stock has gained 16.2% over the last twelve months with a reasonable twelve month forward P/E ratio at 10.13. WFC has a positive but overbought weekly chart profile with its five-week MMA at $35.34 and the 200-day SMA at $29.43. My annual value levels are $34.17 and $32.82 with a monthly pivot at $35.06 with no risky level versus the September 2008 high at $44.67. FDIC data shows that WFC increased its total assets by 9.0% to $1.33 trillion in Q4, sequentially moving up to being the third largest of the big four banks. WFC has an asset to risk based capital ratio of 10.15% unchanged from 10.18% in Q3. WFC is another "too big to fail" bank that's even bigger. Wells Fargo has the largest exposure to construction & development loans (C&D) at $17.28 billion. While this is nowhere near an overexposure versus risk based capital, it represents 8.5% of the total C&D loans in the banking system. At the time of publication the author had no position in any of the stocks mentioned.Follow @suttmeierThis article was written by an independent contributor, separate from TheStreet's regular news coverage.