Banking giant Wells Fargo & Company (
) on monday received a big downgrade from analysts at Stifel
The firm cut its rating on WFC from "Buy" to "Hold," citing
lower expected net interest margins as a result of the Federal
Reserve's QE3 announcement last week.
Accordingly, Stifel Nicolaus also lowered its earnings estimates
for the company.
Wells Fargo shares fell 33 cents, or -0.9%, in premarket trading
The Bottom Line
Shares of Wells Fargo (
) have a 2.42% dividend yield, based on Friday's closing stock
price of $36.13. The stock has technical support in the $32-$34
price area. If the shares can firm up, we see overhead resistance
around the $37.50-$40 price levels.
Wells Fargo & Company (
) is not recommended at this time, holding a Dividend.com DARS™
Rating of 3.3 out of 5 stars.
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, as well as a detailed explanation of
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