CFRA downgrades Wells Fargo to hold from buy

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CFRA Research analyst Ken Leon on Tuesday downgraded Wells Fargo & Co. WFC,
+3.55%
to hold from buy and cut the firm’s price target on the stock to $49 from $53 a share. “We think the transformation of WFC is likely to take longer and limit the upside potential to share price performance,” Leon said in a research note. Leon reiterated his 2023 earnings target of $4.70 a share, which is below the consensus view of $5.21 a share in a FactSet survey. “Our more cautious 2023 earnings forecasts assumes a slower US economy, moderate loan volume growth, and higher net interest income for the bank,” Leon said. In another setback for the stock, Warren Buffett’s Berkshire Hathaway brk

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has sold its remaining shares of Wells Fargo and revealed a $3 billion stake in Citigroup C,
+7.56%,
according to filings. Wells Fargo shares have fallen 8.9% in 2022, compared to a drop of 14.2% by the S&P 500 SPX,
+2.02%
and a loss of 14.9% by the Financial Select Sector SPDR ETF XLF,
+2.68%,

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Credit: www.marketwatch.com /

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