UPDATE: Morgan Stanley Downgrades Wells Fargo (WFC) to Equalweight

September 28, 2021 2:57 AM EDT
Get Alerts WFC Hot Sheet
Price: $50.05 --0%

Rating Summary:
    17 Buy, 22 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 9 | Down: 10 | New: 13
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(Updated - September 28, 2021 5:00 AM EDT)

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."

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 $47.56 yesterday.

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