Wells Fargo Down On Analyst Cut; Rest Of Sector Trending Upward
Shares of Wells Fargo (NYSE: WFC) are under pressure following analyst commentary on the bank’s second quarter results. JP Morgan downgraded Wells Fargo from Overweight to Neutral.
Analyst Vivek Juneja commented, “2Q was led by very strong growth in investment banking fees, sharp further drop in loan loss provisions, decent loan growth, and sizable MSR valuation gain.” Wells Fargo was the first of several banks to report earnings; most will be reporting later this week.
Shares traded recently at $34.81, down 0.17 percent. Wells Fargo’s sell off is among sectorwide strength on Citigroup’s strong second quarter.
Related Link: Jefferies Initiates Coverage On Brokerages
Citigroup (NYSE: C) shares are up 3.7 percent.
JPMorgan Chase (NYSE: JPM) shares are up 1.36 percent.
Deutsche Bank (NYSE: DB) shares are up 2.45 percent.
Barclays (NYSE: BCS) shares are up 1.12 percent.
Credit Suisse (NYSE: CS) shares are up 2.57 percent.
Goldman Sachs (NYSE: GS) shares are up 1.27 percent.
Morgan Stanley (NYSE: MS) shares are up 1.94 percent.
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