Keefe Bruyette downgraded Wells Fargo to Market Perform from Outperform with a price target of $62, up from $56. The analyst cites valuation for the downgrade, saying the shares have had strong run, outperforming peers by 48% since the summer of 2021 due to expense control, buybacks, and an asset-sensitive balance sheet. The stock is set for a consolidation phase given expectations for net interest income to underperform peers and trough in the first half of 2025, the analyst tells investors in a research note.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on WFC:
- Tesla downgraded, Disney upgraded: Wall Street’s top analyst calls
- Wells Fargo initiated with an Accumulate at Phillip Securities
- Wells Fargo downgraded, Best Buy upgraded: Wall Street’s top analyst calls
- Wells Fargo downgraded to Neutral from Buy at Citi
- Why Banks Could Be the Best Portfolio Diversifier in 2024