Wells Fargo price target lowered to $50 from $52 at Citi

Citi analyst Keith Horowitz lowered the firm’s price target on Wells Fargo to $50 from $52 and keeps a Buy rating on the shares. The Q1 1Q results came in better than expected, led by a combination of stronger net interest income and trading, but the stock slightly underperformed following the unchanged NII and expense guidance, the analyst tells investors in a research note. However, the firm views the guidance as "very conservative" and expects Wells to be among the most active on buybacks in its coverage.