Wells Fargo’s Target, Estimates Lowered at Guggenheim (WFC)

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Banking giant Wells Fargo & Company ( WFC ) on Thursday saw its price target and earnings estimates cut by analysts at Guggenheim Securities.

The firm said it now expects WFC shares to $32, suggesting a smaller 31% upside to the stock's Wednesday closing price of $24.43.

Guggenheim also maintained its "Buy" rating on WFC but lowered its earnings estimates, citing a flatter yield curve.

Wells Fargo shares, which have fallen 21% year-to-date, posted modest gains in premarket trading Thursday.

The Bottom Line
Shares of Wells Fargo ( WFC ) have a 1.96% dividend yield, based on last night's closing stock price of $24.43. The stock has technical support in the $20-$22 price area. If the shares can firm up, we see overhead resistance around the $26-$28 price levels.

Wells Fargo & Company ( WFC ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.1 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Stocks

Referenced Stocks: WFC

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