Wells downgraded at Macquarie

The year's stalwart performer among the big banks, Wells Fargo (WFC -0.6%) is cut to Underperform at Macquarie, the team citing the lender's high relative valuation.

Wells Fargo is ahead nearly 16% YTD, while JPMorgan, Citigroup, and BofA are all in the red. Wells' performance also wins out when compared to major regional lenders like U.S. Bancorp, PNC Financial, and BB&T.

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Comments (4)
  • vikramnjnjjdjnd
    , contributor
    Comments (1444) | Send Message
    This is a joke. Wfc is still undervalued. Who's Macquarie? Oh that explains everything...
    30 Jun 2014, 11:18 AM Reply Like
  • auto44
    , contributor
    Comments (3634) | Send Message
    Why own any other bank? Macquarie????
    30 Jun 2014, 11:48 AM Reply Like
  • Phr3d
    , contributor
    Comments (469) | Send Message
    For us longs, it matters not, but to day-traders the mass-assumption on the street is that WFC has topped out and cannot continue its 3 month rate.
    The fact that No One thought WFC could achieve the recent run-up is immaterial, as there is No history when it comes to forecasting, LOL.
    But flat-lining at ~7% won't hurt us longs, and overall might be a better result, getting back to slow and steady. Expect a drop of a buck or two if all the dayers pull out and go elsewhere, but -if- it stayed there, it would still be a good return versus the other guys in the sector, and I firmly believe that the dayers-exit blues will be more than covered by years end.
    but I'm obviously biased.
    30 Jun 2014, 03:55 PM Reply Like
  • tonyv1
    , contributor
    Comments (217) | Send Message
    Buying on a pullback is not so bad.
    9 Jul 2014, 10:26 AM Reply Like
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