Analyst Downgrades Wells Fargo, but Lifts Price Target

UBS analyst Saul Martinez recently downgraded Wells Fargo (NYSE: WFC) from a buy rating to neutral, saying that the large U.S. bank now trades at a premium to rivals in some regards.

According to Martinez's model, Wells Fargo now trades at 13.9 times his 2022 earnings estimates for the bank, which is higher than most banks he covers. Its shares are up nearly 58% year to date.

In the same research note, Martinez also lifted Wells Fargo's price target from $40 to $47, although the bank traded at $46.86 per share before the market opened today.

Source Fool.com