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Upgrade Alert for Wells Fargo (WFC)

By David Diaz

Wells Fargo (NYSE:WFC) was upgraded from Sell to Neutral at UBS today. The stock closed yesterday at $45.65 on volume of 21.8 million shares, above average daily volume of 18.0 million.

Potential upside of 29.1% exists for Wells Fargo, based on a current level of $45.65 and analysts' average consensus price target of $58.91. Wells Fargo shares should first meet resistance at the 50-day moving average (MA) of $49.18 and find additional resistance at the 200-day MA of $52.06.

In the past 52 weeks, Wells Fargo share prices have been bracketed by a low of $43.55 and a high of $58.76 and closed yesterday at $45.65, 5% above that low price. Over the past week, 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 recommended that its subscribers protect gains by selling shares of Wells Fargo on September 13th, 2016 by issuing a Downtrend alert when the shares were trading at $47.19. Since that call, shares of Wells Fargo have fallen 3.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: analyst upgrades/downgrades wells fargo

Ticker(s): WFC