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Oppenheimer Downgrades Wells Fargo (WFC)

By
January 14th, 2013

Oppenheimer Downgrades Wells Fargo (WFC)

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Oppenheimer reported on Monday that they have downgraded financial services company, Wells Fargo & Company(WFC).

The firm has lowered their rating on WFC from “Outperform” to “Perform” due to valuation.

Analysts see other financial services companies including Citigroup(C), JP Morgan(JPM), Morgan Stanley(MS), and KSS seeing a greater upside.

Wells Fargo shares were down 25 cents, or -0.71% during premarket trading Monday. The stock has increased 18.5% in the past year.

The Bottom Line
Shares of Wells Fargo (WFC) have a 2.51% dividend yield, based on Friday’s closing stock price of $35.10. The stock has technical support in the $32-$33 price area. If the shares can firm up, we see overhead resistance around the $36-$39 price levels.

Wells Fargo & Company(WFC) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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Disclaimer: Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. The author is not registered as an investment adviser. The author may or may not hold positions in the securities mentioned in this article or video. The author relies upon the "publisher's exclusion" from the definition of "investment adviser" as provided under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws.