Wells Fargo price target lowered to $83 from $85 at BofA

BofA analyst Ebrahim Poonawala lowered the firm’s price target on Wells Fargo (WFC) to $83 from $85 and keeps a Buy rating on the shares. The firm expects banks to strike a cautious tone during Q1 earnings calls that kick off on April 11 with JPMorgan (JPM), Wells Fargo, and Morgan Stanley (MS), emphasizing downside risks driven by policy uncertainties, the analyst tells investors in a preview for the group. While the firm sees it as “too soon to expect meaningful credit cracks,” it sees potential for macro-led reserve builds on increased weighting to downside scenarios, the analyst added.