Wells Fargo's (WFC) Price Target Lowered to $50 at Deutsche Bank

September 22, 2016 7:57 AM EDT
Get Alerts WFC Hot Sheet
Price: $55.07 +0.90%

Rating Summary:
    12 Buy, 18 Hold, 8 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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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.

For an analyst ratings summary and ratings history on Wells Fargo click here. For more ratings news on Wells Fargo click here.

Shares of Wells Fargo closed at $45.83 yesterday.

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