Market Overview

UPDATE: Compass Point Downgrades Wells Fargo to Neutral Post Q3 Report

Share:
Related WFC
Has Warren Buffett Lost His Touch? Not Even Close
Are The Big Four American Banks Still 'Too Big To Fail'?
Tracking Ken Fisher's Fisher Asset Management Portfolio - Q4 2014 Update (Seeking Alpha)

Compass Point reduced its rating on Wells Fargo (NYSE: WFC) from Buy to Neutral and lowered its price target from $41 to $37.

Compass Point said, "We are downgrading Wells Fargo (WFC) from Buy to Neutral and decreasing our price target to $37 from $41 following the 3Q12 earnings announcement. It has become apparent that the company will have a difficult time showing meaningful earnings growth in the next year due to: (1) interest rates at historic lows, (2) 13% of the loan portfolio in run-off and (3) expenses above a $12 billion quarterly run rate. Furthermore, the company's recent decision to keep conforming mortgages on the balance sheet, versus selling to the GSEs, illustrates the predicament WFC finds itself in."

Wells Fargo closed at $34.25 on Friday.

Latest Ratings for WFC

DateFirmActionFromTo
Jan 2015CitigroupMaintainsNeutral
Jan 2015Compass PointMaintainsNeutral
Jan 2015Evercore ISIInitiates Coverage onHold

View More Analyst Ratings for WFC
View the Latest Analyst Ratings

Posted-In: Compass PointAnalyst Color Downgrades Intraday Update Analyst Ratings

 

Related Articles (WFC)

Around the Web, We're Loving...

Get Benzinga's Newsletters