The Vetr Crowd Isn't Banking On Wells Fargo

On Friday, the Vetr crowd downgraded their rating of Wells Fargo & Co WFC from 2 stars (sell), issued two days ago, to 1.5 stars (strong sell). Expectations for the stock are low, with 81 percent of user ratings bearish.

Like most in the sector, the financial services company has experienced a healthy bump post-election, rising 16 percent to settle at $52.82 at Friday’s market close. However, Wells Fargo’s bounce back comes after a rocky couple of months following the resignation of former CEO John Stumpf upon revelation of widespread creation of unauthorized customer accounts throughout the company.

Analyst confidence in Wells Fargo is also diminishing. Last Tuesday, Guggenheim downgraded its rating of the stock to Sell, while BMO Capital today downgraded to its rating of the stock Underperform.

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The Vetr crowd has Wells Fargo’s average target price down at $46.24, which is below the average analyst price of $49.77. Less than 2 percent of Vetr users are holding WFC in their watch lists.