Goldman Sachs Downgrades Wells Fargo (WFC) to Neutral

Goldman Sachs downgraded Wells Fargo (NYSE: WFC) from Buy to Neutral with a price target of $40.00. The firm said its best-in-class returns are largely reflected in its valuation.

"While we still believe that WFC is positioned to grow EPS, we see less levers than several peers given 1) its already best-in-class funding costs, 2) less expense leverage and 3) the transition in mortgage banking from an earnings tailwind to a source of earnings support," the analyst comments.

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 $34.76 yesterday.

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