Phillip Securities Downgrades Wells Fargo & Company (WFC) to Accumulate From Buy

Wells Fargo & Company (NYSE:WFC) is one of the most undervalued blue chip stocks to buy according to hedge funds. On July 17, Phillip Securities analyst Glenn Thum downgraded Wells Fargo & Company (NYSE:WFC) to Accumulate from Buy, increasing the price target to $85 from $75.

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A team of bankers in suits, discussing the success of the company’s banking products.

The rating came after Wells Fargo & Company (NYSE:WFC) reported its Q2 earnings. The firm slashed its provisions estimates, stating that the company is likely to face headwinds from macroeconomic factors. It further told investors in a research note that these factors would negatively affect the bank’s non-interest income growth.

Wells Fargo & Company (NYSE:WFC) is a diversified and community-based financial services company that provides insurance, banking, mortgage, investments, and commercial and consumer finance products and services.

Its operations are divided into the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.

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Disclosure: None. This article is originally published at Insider Monkey.