Analyst: Wells Fargo Will Struggle More Than Other Banks
The big banks will be challenged in the months ahead as the coronavirus pandemic persists, but perhaps none more than Wells Fargo (NYSE: WFC).
That's according to a recent research report from UBS analyst Saul Martinez, who lowered his rating on the company from neutral to sell, primarily because the bank is not earning enough to protect against future loan losses.
UBS reduced its forecasts for earnings at the bank in 2020 and 2021 by 47% and 24%, respectively. Overall, UBS trimmed forecasts at large and regional banks by 25% in 2020, on average, and 18% for 2021.
Source Fool.com