Wells Fargo was downgraded to neutral from buy, though its price target was increased from $40 to $47, by UBS after a 123% surge in the stock from the end of October. Analysts led by Saul Martinez say the bank trades at a premium to rivals, after adjusting 2022 earnings to estimated net charge offs. The analysts added there’s considerable uncertainty about the timing of a potential asset-cap removal. Wells Fargo ended Tuesday at $46.86, a decline of 2%.
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