• Return to Headlines

Downgrade Alert for Wells Fargo (WFC)

By Shiri Gupta

Wells Fargo (NYSE:WFC) was downgraded from Outperform to Market Perform at Keefe Bruyette today. The stock closed yesterday at $44.50 on volume of 18.9 million shares, above average daily volume of 18.0 million.

Potential upside of 32.4% exists for Wells Fargo, based on a current level of $44.50 and analysts' average consensus price target of $58.91. The stock should find initial resistance at its 50-day moving average (MA) of $49.18 and further resistance at its 200-day MA of $52.06.

Over the past year, Wells Fargo has traded in a range of $43.55 to $58.76 and closed yesterday at $44.50, 2% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has advanced 0.2%.

Wells Fargo & Company is a diversified financial services company providing banking, insurance, investments, mortgage, leasing, credit cards, and consumer finance. The Company operates through physical stores, the Internet and other distribution channels across North America and elsewhere internationally.

SmarTrend is monitoring the recent change of momentum in Wells Fargo. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Wells Fargo in search of a potential trend change.

Keywords: analyst upgrades/downgrades wells fargo

Ticker(s): WFC