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.
Latest Ratings for WFC
|Jan 2017||Argus Research||Downgrades||Buy||Hold|
|Jan 2017||UBS||Initiates Coverage On||Neutral|
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.