Analysts Are Cutting Price Targets of These 5 Stocks

3. Wells Fargo & Company (NYSE:WFC)

Number of Hedge Fund Holders: 77

Jefferies downgraded Wells Fargo & Company (NYSE:WFC) from “Buy” to “Hold” on Tuesday, January 17, citing its latest quarterly performance and muted outlook for the full year. The research firm also slashed its price target for WFC stock from $49 per share to $46 per share.

Wells Fargo & Company (NYSE:WFC) recently delivered mixed results for the fourth quarter. The bank earned 67 cents per share, significantly lower than $1.38 per share in the year-ago period but marginally above expectations of 66 cents.

Revenue for the quarter slipped 5.7 percent on a year-over-year basis to $19.66 billion. However, the numbers missed analysts’ average estimate of $19.98 billion.

Discussing the results, CEO of Wells Fargo & Company (NYSE:WFC),  Charlie Scharf, said in a statement:

“Though the quarter was significantly impacted by previously disclosed operating losses, our underlying performance reflected the progress we are making to improve returns. Rising interest rates drove strong net interest income growth, credit losses have continued to increase slowly but credit quality remained strong, and we continue to make progress on our efficiency initiatives.”