UPDATE: Baird Downgrades Wells Fargo (WFC) to Neutral
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(Updated - September 30, 2019 8:19 AM EDT)
(updated to add analyst comment)
Baird analyst David George downgraded Wells Fargo (NYSE: WFC) from Outperform to Neutral with a price target of $50.00 (from $52.00).
The analyst comments "Downgrading to Neutral, no rush to buy. We like new CEO Charlie Scharf and believe that he will lead the company past the consent order and once again help the franchise perform up to its potential. Macro headwinds are real though (low rates, slow growth) and improving the earnings run-rate and efficiency ratio will take time. In the near term, consensus estimates look high. Shares have rallied nicely over the past month (~9%) and valuation looks more balanced at ~11.5x forward earnings. We would look to add in the mid $40s."
Shares of Wells Fargo closed at $50.71 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Downgrades
Related EntitiesRobert W Baird, Earnings, Wells Fargo
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