Keefe, Bruyette & Woods Downgrades Wells Fargo (WFC) to Underperform
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Keefe, Bruyette & Woods downgrades Wells Fargo (NYSE: WFC) from Market Perform to Underperform.
Keefe analyst says, "We have updated our 2009 quarterly earnings estimates and stress analysis based on preliminary first quarter results released Thursday and 10K details. We are maintaining our earnings estimates for 2009 and 20010 and our $12 price target. We are downgrading shares based on valuation...We believe that the primary risk to our earnings estimates and price target include poor execution of recent and potential acquisitions and prolonged credit costs beyond our current forecast."
To see more analyst ratings on WFC Click Here.
Wells Fargo & Company (Wells Fargo) is a financial holding company and a bank holding company.
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