Sarah Patel's Avatar
published in Blogs
Jan 17, 2023
Wells Fargo (WFC, $43.79) shares get rating downgrades from some analysts

Wells Fargo (WFC, $43.79) shares get rating downgrades from some analysts

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.

Related Tickers: WFC