Wells Fargo (WFC) PT Lowered to $50 at Piper Jaffray, Lowers FY 2017/2018 EPS Estimates

Piper Jaffray lowered its price target on Wells Fargo (NYSE: WFC) to $50.00 (from $52.00) while maintaining a Neutral rating.

Analyst Kevin Barker lowers the PT after account for lower EPS expectations. The analyst sees a slowdown in commercial portfolios mirroring what is evident across the industry which is slowdown in growth. Barker comments "We continue to expect the stock to struggle to keep up with peers given slower EPS growth and additional headwinds from the auto/sales issues."

FY 2017 EPS estimate falls from $4.24 to $4.10 and FY 2018 EPS estimate falls from $4.37 to $4.17.

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