: Wells Fargo downgraded by Jefferies on ‘subdued’ view on net interest income and costs


Wells Fargo & Co. WFC, +3.25% stock fell 1.3% in premarket trades on Tuesday after Jefferies analyst Ken Usdin downgraded the stock to neutral from buy and reduced his price target to $46 from $49, after the bank provided its fourth-quarter results. Usdin cited the bank’s “tough” result of pre-provision net revenue and a “more subdued” estimate from the bank on its net interest income and core costs for 2023. “We see risk-reward as more even from here, with positive developments on the regulatory and operating cost front offset by lower core earnings power,” Usdin said.

This article was originally published by Marketwatch.com. Read the original article here.

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