Piper Sandler analyst R. Scot t Siefers lowered his rating on Wells Fargo shares to 'neutral' from 'overweight' . The analyst lowered his price target by $2 to $47 a share.
Jefferies analyst Ken Usdin cut his rating to 'hold' from 'buy', citing near-term revenue challenges and low core earnings momentum.
On Friday, Wells Fargo reported fourth quarter earnings of 67 cents per share that beat analysts’ expectations. However, its revenues fell -5.7% year-over-year to $19.66 billion, that missed analysts' estimates. The bank set aside $957 million as loan loss provision, more than double last year's fourth quarter total and nearly $100 million higher than analysts’ consensus expectations.