Wells Fargo downgraded to Market Perform from Outperform at Keefe Bruyette

Keefe Bruyette downgraded Wells Fargo to Market Perform from Outperform with a price target of $62, up from $56. The analyst cites valuation for the downgrade, saying the shares have had strong run, outperforming peers by 48% since the summer of 2021 due to expense control, buybacks, and an asset-sensitive balance sheet. The stock is set for a consolidation phase given expectations for net interest income to underperform peers and trough in the first half of 2025, the analyst tells investors in a research note.