Wells Fargo Down on Analyst Cut While Sector Up

Shares of Wells Fargo 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.

Wells Fargo’s sell off is amongst sectorwide strength on Citigroup’s strong second quarter.

Related: Jefferies Initiates Coverage On Brokerages

Citigroup C shares are up 3.45 percent

JPMorgan Chase JPM shares are up 1.33 percent

Deutsche Bank DB shares are up 2.6 percent

Barclays BCS shares are up 1.54 percent

Credit Suisse CS shares are up 2.6 percent

Goldman Sachs GS shares are up 1.21 percent

Morgan Stanley MS shares are up 1.91 percent