Odeon Capital Downgrades Wells Fargo (WFC) to Sell

Odeon Capital analyst Dick Bove downgraded Wells Fargo (NYSE: WFC) from Hold to Sell.

• The company is formulating its new business model so its future direction is unclear.
• Moreover, in the mean time, a series of events are likely to push earnings lower.
• The price to book is high (est. 130%).
• A good trade might be Sell Wells Fargo and buy Citigroup (NYSE: C) which is selling at a small discount to book value (est. 97%).

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 $53.76 yesterday.

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