Oppenheimer Downgrades Wells Fargo (WFC)

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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