Wells Fargo & Co. Downgraded by Goldman Sachs to “Neutral” (WFC)

Wells Fargo & Co. (NYSE: WFC) The analysts wrote, ?We downgrade WFC from Buy to Neutral. At 1.7x tangible book value vs. peers of 1.2x, we believe that its best-in-class returns are largely reflected in its valuation. Since being added to the Buy list on September 10, 2012, WFC shares are up 0.5% vs. S&P up 2.1%. Over the past twelve months, WFC shares are up 22% vs. the S&P up 14%. While we still believe that WFC is positioned to grow EPS, we see less levers than several peers given 1) its already best-in-class funding costs, 2) less expense leverage and 3) the transition in mortgage banking from an earnings tailwind to a source of earnings support.? Several other analysts have also recently commented on the stock. Analysts at Deutsche Bank reiterated a ?hold? rating on shares of Wells Fargo & Co. in a research note to investors on Friday. They now have a $37.00 price target on the stock, up previously from $36.00. Separately, analysts at TheStreet reiterated a ?buy? rating on shares of Wells Fargo & Co. in a research note to investors on Thursday, December 27th. Finally, analysts at Citigroup raised their price target on shares of Wells Fargo & Co. to $37.00 in a research note to investors on Thursday, December 27th. Shares of Wells Fargo & Co. traded up 0.52% during mid-day trading on Friday, hitting $34.94. Wells Fargo & Co. has a 52 week low of $28.46 and a 52 week high of $36.60. The stock?s 50-day moving average is currently $33.47. The company has a market cap of $183.9 billion and a P/E ratio of 10.93. Wells Fargo & Co. last announced its earnings results on Friday, October 12th. The company reported $0.88 earnings per share for the quarter, beating the analysts? consensus estimate of $0.87 by $0.01. The company had revenue of $21.20 billion for the quarter, compared to the consensus estimate of $21.47 billion. The company?s quarterly revenue was up 8.0% on a year-over-year basis. Analysts expect that Wells Fargo & Co. will post $3.35 EPS for the current fiscal year. Wells Fargo & Company is a bank holding company. It has three operating segments: Community Banking Wholesale Banking and Wealth, Brokerage and Retirement.