Wells Fargo dips after Raymond James downgrades to 'market perform'

ReutersJul 7, 2025 12:28 PM

Wall Street giant Wells Fargo's WFC.N shares fall 0.6% to $83.09 premarket after Raymond James downgrades stock rating to 'market perform' from 'strong buy'

Brokerage believes upside to its WFC EPS estimates is now appropriately reflected in the bank's premium valuation

WFC shares closed up 1.5% at $83.60 on Thursday, just pennies away from brokerage's $84 PT

Investor sentiment is also poised to shift away from mega-cap banks towards less-expensive regional banks, brokerage says

Still, Raymond James remains bullish on Wells Fargo's growth prospects and continued profitability improvement

17 of 25 brokerages rate the stock "buy" or higher and 8 "hold"; median PT $83 - data compiled by LSEG

As of last close, WFC shares up 19% YTD

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