Goldman Sachs Downgrades Wells Fargo (WFC) to Neutral
WFC Hot Sheet
Rating Summary:8 Buy, 3 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 16 | Down: 7 | New: 23
Goldman Sachs downgrades Wells Fargo (NYSE: WFC) from Buy to Neutral, the firm said while the company has a lot of earnings power they are downgrading on YTD performance and near-term risks.
"There is ultimately a lot of earnings power that can drive the shares higher in the near term. That said, we see more relative value in Bank of America (NYSE: BAC), JPMorgan Chase (NYSE: JPM) and Citigroup (NYSE: C), and there are near-term risks including the over-earning of the mortgage servicing business (most pronounced at Wells) and above-peer NPA growth."
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"There is ultimately a lot of earnings power that can drive the shares higher in the near term. That said, we see more relative value in Bank of America (NYSE: BAC), JPMorgan Chase (NYSE: JPM) and Citigroup (NYSE: C), and there are near-term risks including the over-earning of the mortgage servicing business (most pronounced at Wells) and above-peer NPA growth."
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