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Analyst Downgrades Wells Fargo from ‘Outperform’ to ‘Neutral’

Andrew Brunton
Analyst Downgrades Wells Fargo from ‘Outperform’ to ‘Neutral’

David Konrad, an analyst at Macquarie Research, has downgraded his rating on Wells Fargo & Company (WFC) from an “outperform” to a “neutral.” He’s reiterated the previous target price of $63 on the stock. Wall Street’s target price of $62.31 represents an upside potential of ~8.6% from its current market price of $57.40. Analysts are bullish about Wells Fargo’s top peers Citigroup (C), Morgan Stanley (MS), and Bank of America (BAC) and have provided consensus “buy” recommendations on these stocks.