Wells Fargo (WFC) Shares Lower as Bove Cuts to Sell
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Price: $87.52 --0%
Rating Summary:
28 Buy, 20 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 14 | Down: 19 | New: 11
Rating Summary:
28 Buy, 20 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 14 | Down: 19 | New: 11
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Shares of Wells Fargo (NYSE: WFC) are down more than 2 percent Monday morning as Rochdale's noted Banking analyst Dick Bove downgraded the stock to Sell earlier.
Bove reduced his price target on WFC shares by 33 percent from $32.50 to $22.
The analyst believes investors should be selling shares of Wells Fargo given: continuing weakness in the housing market, slowing data points in the manufacturing sector, likely negative regulatory implications and most importantly the recent downturn in the overall economic environment.
Bove said, "The economy has apparently entered a pause. It is becoming more likely that real GDP growth will be 2.0% or lower in the second half."
The Rochdale analyst expects Wells Fargo's sales and margins to be under pressure moving forward amid the above items. Bove also notes new liquidity requirements may require the bank to create lower-returning assets.
With Wells Fargo shares last trading at $26.32, Bove's new price target represents potential downside of about 16 percent.
Track our Dick Bove entity page to get alerted to all the analysts market-moving calls.
Bove reduced his price target on WFC shares by 33 percent from $32.50 to $22.
The analyst believes investors should be selling shares of Wells Fargo given: continuing weakness in the housing market, slowing data points in the manufacturing sector, likely negative regulatory implications and most importantly the recent downturn in the overall economic environment.
Bove said, "The economy has apparently entered a pause. It is becoming more likely that real GDP growth will be 2.0% or lower in the second half."
The Rochdale analyst expects Wells Fargo's sales and margins to be under pressure moving forward amid the above items. Bove also notes new liquidity requirements may require the bank to create lower-returning assets.
With Wells Fargo shares last trading at $26.32, Bove's new price target represents potential downside of about 16 percent.
Track our Dick Bove entity page to get alerted to all the analysts market-moving calls.
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