UPDATE: Keefe, Bruyette & Woods Reiterates Market Perform Rating, Lowers PT on Wells Fargo & Company on Lowered EPS Estimates - Wells Fargo (NYSE:WFC)

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In a report published Wednesday, Keefe, Bruyette & Woods analyst Christopher Mutascio reiterated a Market Perform rating on

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Wells Fargo & Company

(NYSE: WFC), but lowered the price target from $56.00 to $55.00.In the report, Keefe, Bruyette & Woods noted, “Based on the company's 3Q14 results released earlier today (see our Initial Look note), we are lowering our EPS estimates as follows: 1) 2014 decreases to $4.09 from $4.14, 2) 2015 decreases to $4.15 from $4.25, and 3) 2016 decreases to $4.55 from $4.70. Our target price decreases slightly to $55 from $56 and represents a P/E multiple of 12x our revised 2016 EPS estimate. We are maintaining our Market Perform rating.”Wells Fargo & Company closed on Tuesday at $48.83.