Piper Jaffray lowered its price target on Wells Fargo (NYSE: WFC) to $52.00 (from $55.00) while maintaining a Neutral rating, as the company reported mixed first quarter results on April 13th.

Analyst Kevin Baker notes management reported first quarter EPS that beat consensus, while delivered revenue that missed consensus by $310 million, as the company reported a meaningful decline in loan balances for the first time since 2011.