Citi analyst Keith Horowitz lowered the firm’s price target on Wells Fargo to $48 from $50 and keeps a Buy rating on the shares. The analyst says the company’s settlement with the Consumer Financial Protection Bureau a "costly step forward." He refreshed his model to include the expected $3.5B operating loss in Q4. Wells has "sufficient capital to withstand this hit," Horowitz tells investors in a research note. He dropped the price target to reflect greater than expected charges to resolve consent orders.
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