Citi analyst Keith Horowitz lowered the firm’s price target on Wells Fargo (WFC) to $78 from $82 and keeps a Neutral rating on the shares. The firm revised U.S. bank targets on for “through-the-cycle” valuations. Citi reduced its cost of equity assumptions to reflect early-cycle levels, but feels more comfortable anchoring to 10.5%, better reflecting through-the-cycle levels.
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