Wells Fargo price target lowered to $98 from $105 at Evercore ISI

Evercore ISI analyst John Pancari lowered the firm’s price target on Wells Fargo (WFC) to $98 from $105 and keeps an Outperform rating on the shares following meetings with the bank’s investor relations team. The firm came away confident that broader fundamental trends are generally intact despite select headwinds and an increasingly uneasy landscape, noting that its EPS estimates are unchanged, but it is lowering its target to reflect lower sector valuations.