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Wells Fargo cut to Underperform at RayJay

|About: Wells Fargo & Company (WFC)|By: , SA News Editor

It's about to get "worse before it gets better," for Wells Fargo (NYSE:WFC), says analyst David Long, trimming to Underperform from Market Perform.

He expects revenue to contract for a fourth straight year in 2020, and sees profitability metrics continuing to lag those of competitors. Not only that, but peers like JPMorgan and Bank of America trade at less-fancy valuations than Wells.

Shares are down a hair in premarket action.

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