UPDATE: Sterne Agee Downgrades Wells Fargo to Neutral on Slowing Momentum
June 14, 2013 at 10:17 AM EDT
In a report published Friday, Sterne Agee analyst Todd L. Hagerman downgraded the rating on Wells Fargo (NYSE: WFC ) from Buy to Neutral, but reiterated the $42.00 price target. In the report, Sterne Agee noted, “Although WFC's outlook remains constructive, particularly expense leverage tied to the company's efficiency initiative and