Deutsche Bank analyst Matt O’Connor lowered the firm’s price target on Wells Fargo to $50 from $60 and keeps a Buy rating on the shares. The analyst believes new lows seem likely for U.S. bank stocks. He assumes bank stocks will trade below their historical 60%-80% range, saying bank earnings may be peaking. He also sees downside risk from reserve build and valuations if there is a recession.
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Published first on TheFly
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