SPDR S&P Bank ETF (KBE)
NYSEArca - NYSEArca Real Time Price. Currency in USD
- Barrons.com•5 days ago
FBR's Paul Miller and Tim Hayes cut Wells Fargo to Market Perform from Outperform, citing "uncertainty clouding the company," an answer that sounds like it came straight from a Magic Eight Ball: We are downgrading Wells Fargo to Market Perform from Outperform and lowering our price target to $45 from $50, as we believe the stock will remain range-bound until we are able to get more clarity into ongoing regulatory investigations, the recently announced independent audit, and the steps still needed to be taken in order to put the sales practice issue in the rear-view mirror. For the time being, we believe that shares of Wells Fargo will likely be driven by sentiment over fundamentals with so much uncertainty clouding the company. With that in mind, we would look to get more positive on the stock if this uncertainty overhang was removed and the market began to digest the challenges ahead.
- Barrons.com•7 days ago
KBW's Brian Kleinhanzl and Michael Brown don't have an answer to that question, which explains why they cut Wells Fargo (WFC) to Market Perform from Outperform following its earnings last week: Following ...