UPDATE: Morgan Stanley Downgrades Wells Fargo (WFC) to Equalweight
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Morgan Stanley analyst Betsy Graseck downgraded Wells Fargo (NYSE: WFC) from Overweight to Equalweight with a price target of $46.00 (from $49.00).
The analyst comments "We're delaying our Base Case asset cap removal from 3Q22 to 4Q23 following new OCC consent order & recent Powell comments that the cap "will stay in place until the firm has comprehensively fixed its problems." Expense outlook also looks tougher. Rate hikes provide a partial offset; downgrade to EW."
Shares of Wells Fargo closed at $47.56 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Downgrades
Related EntitiesMorgan Stanley, Wells Fargo
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