UPDATE: Stifel Nicolaus Downgrades Wells Fargo & Company to Hold on Net Interest Margin Compression
Stifel Nicolaus reduced its rating on Wells Fargo & Company (NYSE: WFC) from Buy to Hold and suspended its price target, previously at $40 a share.
Stifel Nicolaus noted, "We are lowering our EPS estimates to $3.30 and $3.52 from $3.33 and $3.65 for 2012 and 2013, respectively, as net interest margin compression is only partially offset by strong mortgage banking. In addition, we are downgrading the shares to Hold with the shares within 5% of our new fair value estimate of $38 - after a very strong run. As a result of this downgrade, we are also removing shares from the Stifel Select List."
Wells Fargo & Company closed at $36.13 on Friday.
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