Analysts are Cutting Price Targets of These 5 Stocks

3. Wells Fargo & Company (NYSE:WFC) 

Number of Hedge Fund Holders: 94    

Wells Fargo & Company (NYSE:WFC) is a California-based financial services company. It is placed third on our list of 15 stocks that analysts are cutting price targets of.

On September 28, investment advisory Morgan Stanley downgraded Wells Fargo & Company (NYSE:WFC) stock to Equal Weight from Overweight and reduced the price target to $46 from $49. Betsy Graseck, an analyst at the advisory, issued the ratings update. 

At the end of the second quarter of 2021, 94 hedge funds in the database of Insider Monkey held stakes worth $7 billion in Wells Fargo & Company (NYSE:WFC), down from 96 in the previous quarter worth $7.4 billion.

In its Q4 2020 investor letter, Davis Funds, an asset management firm, highlighted a few stocks and Wells Fargo & Company (NYSE:WFC) was one of them. Here is what the fund said:

“Detractors to performance relative to the index include financial services holdings such as Wells Fargo. While banks in general have suffered due to the recession and experienced credit losses, Wells Fargo also suffered from operational missteps. It is our expectation, however, that our bank holdings in general will benefit from stronger economic growth as the pandemic recedes; and we believe Wells Fargo in particular, will, over time, lower their costs and successfully grow their businesses.”