Susquehanna Downgrades Wells Fargo & Co. to Neutral (WFC)
Wells Fargo & Co. (NYSE: WFC) was downgraded by stock analysts at Susquehanna from a “positive” rating to a “neutral” rating in a report issued on Tuesday, TheFlyOnTheWall.com reports. They currently have a $45.00 price objective on the stock. Susquehanna’s price objective points to a potential upside of 7.42% from the company’s current price.
A number of other firms have also recently commented on WFC. Analysts at Merrill Lynch raised their price target on shares of Wells Fargo & Co. from $41.00 to $42.00 in a research note to investors on Tuesday, July 2nd. They now have a “buy” rating on the stock. Separately, analysts at Keefe, Bruyette & Woods downgraded shares of Wells Fargo & Co. from an “outperform” rating to a “market perform” rating in a research note to investors on Monday, July 1st. They now have a $43.00 price target on the stock. They noted that the move was a valuation call. Finally, analysts at TheStreet reiterated a “buy” rating on shares of Wells Fargo & Co. in a research note to investors on Wednesday, June 26th.
One equities research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $41.46.
Shares of Wells Fargo & Co. (NYSE: WFC) traded up 1.59% during mid-day trading on Tuesday, hitting $42.555. Wells Fargo & Co. has a one year low of $31.25 and a one year high of $43.08. The stock’s 50-day moving average is currently $40.94. The company has a market cap of $225.4 billion and a P/E ratio of 11.87.
Wells Fargo & Co. (NYSE: WFC) last posted its quarterly earnings results on Friday, July 12th. The company reported $0.98 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.93 by $0.05. The company had revenue of $21.40 billion for the quarter, compared to the consensus estimate of $21.21 billion. During the same quarter in the prior year, the company posted $0.82 earnings per share. The company’s quarterly revenue was up .5% on a year-over-year basis. Analysts expect that Wells Fargo & Co. will post $3.72 EPS for the current fiscal year.
Wells Fargo & Company is a bank holding company. The Company is a diversified financial services company.
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