Citi downgraded Wells Fargo to Neutral from Buy with a price target of $63, up from $57. The stock has been one of the firm’s top picks among the Global Systemically Important Banks given its potential for EPS revisions, but this is now likely priced in to the stock, the analyst tells investors in a research note. Citi adds that it continues to see tailwinds from fixed asset repricing and growth across fee categories, but the stock is now trading at a premium relative to its peers.
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