UPDATE: Oppenheimer Downgrades Wells Fargo to Perform on Limited Upside

Oppenheimer downgraded Wells Fargo & Company (NYSE: WFC) from Outperform to Perform.

Oppenheimer commented, "We have been recommending WFC stock since 2009 as we expected it to recover strongly from the 2007-8 financial crisis, which it has. However, despite being heavily conflicted about a downgrade now, our bottom line is that we believe there is better upside elsewhere. It is not that we don't like the stock, but our valuation model shows about 12% upside with expected dividends, and that puts it just too close to our market expectation."

Wells Fargo closed at $35.10 on Friday.

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