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Upgrade Alert for Wells Fargo (WFC)

By James Quinn

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

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.

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 $44.50, 2% above that low price. The 200-day and 50-day moving averages have moved 0.32% lower and 0.22% higher over the past week, respectively.

Wells Fargo has overhead space with shares priced $44.50, or 24.5% below the average consensus analyst 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.

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