Market Overview

UPDATE: Goldman Sachs Downgrades Wells Fargo & Company to Neutral, Reiterates $40 PT

Share:
Related WFC
Why JPMorgan, PNC Won't Be Good Buys This Coming Earnings Season
Short Sellers Piling Into Big Bank Stocks Ahead Of Q3 Earnings
Buy What You Know, Study What You Don't (GuruFocus)

In a report published Friday, Goldman Sachs Group downgraded its rating on Wells Fargo & Company (NYSE: WFC) from Buy to Neutral, and reiterated its $40.00 price target.

Goldman Sachs noted, “We downgrade WFC from Buy to Neutral. At 1.7x tangible book value vs. peers of 1.2x, we believe that its best-in-class returns are largely reflected in its valuation. Since being added to the Buy list on September 10, 2012, WFC shares are up 0.5% vs. S&P up 2.1%. Over the past twelve months, WFC shares are up 22% vs. the S&P up 14%. While we still believe that WFC is positioned to grow EPS, we see less levers than several peers given 1) its already best-in-class funding costs, 2) less expense leverage and 3) the transition in mortgage banking from an earnings tailwind to a source of earnings support.”

Wells Fargo & Company closed on Thursday at $34.76.

Latest Ratings for WFC

DateFirmActionFromTo
Jul 2017BMO CapitalUpgradesUnderperformMarket Perform
Jul 2017BerenbergDowngradesHoldSell
Apr 2017GuggenheimUpgradesSellNeutral

View More Analyst Ratings for WFC
View the Latest Analyst Ratings

Posted-In: Goldman Sachs GroupAnalyst Color Downgrades Analyst Ratings

 

Related Articles (WFC)

View Comments and Join the Discussion!
Loading...
Loading...