FBR Capital Downgrades Wells Fargo (WFC) to Market Perform
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FBR Capital downgraded Wells Fargo (NYSE: WFC) from Outperform to Market Perform with a price target of $45.00 (from $50.00).
Analyst Paul Miller commented, "We are downgrading Wells Fargo to Market Perform from Outperform and lowering our price target to $45 from $50, as we believe the stock will remain range-bound until we are able to get more clarity into ongoing regulatory investigations, the recently announced independent audit, and the steps still needed to be taken in order to put the sales practice issue in the rear-view mirror. On October 14, the company reported strong 2Q16 results, which while encouraging, were completely overshadowed by the sales practice issue. For the time being, we believe that shares of WFC will likely be driven by sentiment over fundamentals with so much uncertainty clouding the company. With that in mind, we would look to get more positive on the stock if this uncertainty overhang was removed and the market began to digest the challenges ahead."
Shares of Wells Fargo closed at $44.95 yesterday.
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