Wells Fargo (WFC) Shares Continue Lower as Dick Bove Downgrades to Neutral

Shares of Wells Fargo are trading lower Thursday morning following an earlier downgrade from noted Banking analyst Dick Bove of Rochdale Securities. At last check, Wells Fargo shares were down 0.85 percent to $28.58.

Bove now rates shares of Wells Fargo a Neutral, down from Buy previously. The analyst reduced his price target on the stock from $39.50 to $32.50.

Rochdale's new price target on Wells Fargo shares suggests potential upside of nearly 14 percent from where the stock is trading Thursday.

Bove's reduced investment rating on the bank follows Q1 results from Wells Fargo Wednesday morning. Shares of Wells Fargo fell more than 4 percent on the quarterly report.

Visit our Analyst Ratings page to track all the market-moving analyst action on shares of Wells Fargo.

Also, to track all of Dick Bove's calls, check out our Dick Bove entity page.

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