Wells Fargo price target lowered to $42 from $45 at RBC Capital

RBC Capital analyst Gerard Cassidy lowered the firm’s price target on Wells Fargo to $42 from $45 and keeps a Sector Perform rating on the shares. The analyst states that the "excessive" tightening by the Federal Reserve resulting in a "deep recession" in 2023 poses a key risk for the bank as it would bring on elevated levels of credit losses, which would depress earnings.