Wells Fargo downgraded by UBS as analysts say bank now trades at premium to many rivals

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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