Piper Sandler analyst R. Scott Siefers downgraded Wells Fargo to Neutral from Overweight with a price target of $47, down from $49. The bank’s net interest income outlook "appears rougher than we had hoped, which overwhelms a better cost base," Siefers tells investors in a research note. Given his lower estimates and and belief that Wells’ good cost news is now out there, the analyst sees less upside potential and feels a Neutral position is more appropriate.
Published first on TheFly
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