Wells Fargo's (WFC) Price Target Lowered to $50 at Deutsche Bank
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Deutsche Bank maintain a Buy rating on Wells Fargo (NYSE: WFC) but trimmed its price target to $50.00 (from $59.00). The lower multiple reflects recent events surroundings WFC’s sales tactics and potential ongoing risks.
"WFC stock is down 8%, underperforming the BKX by ~670bps since details surrounding WFC’s sales tactics came to light. We discuss five bull and bear arguments on the stock. It’s tough to argue for much upside in the near term. However, over the next year, issues should subside and WFC’s attractive valuation should be more relevant. Based on the analysis starting on page 2, we see 5-12% relative upside. This may not seem like much given perceived headline and other downside risks, but it’s also within an overall bank group that seems about fairly valued," said analyst Matt O-Connor.
Shares of Wells Fargo closed at $45.83 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change
Related EntitiesDeutsche Bank, Wells Fargo
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