KBW Downgrades Wells Fargo (WFC) to Market Perform; Reinvestment Risk Is a Big Bump

KBW downgraded Wells Fargo (NYSE: WFC) to Market Perform, price target lowered to $25.

Wells analyst says, "We are downgrading shares of Wells Fargo to Market Perform based on valuation. We are lowering our price target to $25 from $33 and we believe shares are fairly valued at the current price. Our earnings estimates for 2011 remain unchanged but our 2012 and 2013 estimates decline to $2.75 and $3.05 from $3.50 and $4.05, respectively, largely on a lower margin forecast."

For more ratings news on Wells Fargo click here and for the rating history of Wells Fargo click here.

Shares of Wells Fargo closed at $24.20 yesterday.

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