Phillip Securities analyst Glenn Thum downgraded Wells Fargo (WFC) to Accumulate from Buy with a price target of $85, up from $75, following the Q2 report. The firm reduced provisions estimates and believes Wells will face headwinds from macroeconomic factors. These will hurt the bank’s non-interest income growth, the analyst tells investors in a research note.
Claim 55% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on WFC:
- Wells Fargo halts all travel to China after employee exit ban, Reuters reports
- Wells Fargo halts all travel China after employee exit ban, Reuters reports
- Wells Fargo upgraded to Buy from Hold at DBS Bank
- BAC Earnings: Bank of America Stock Pops Despite Mixed Q2 Results
- Wells Fargo price target lowered to $82 from $83 at TD Cowen