Wells Fargo (NYSE:WFC) stock is declining in pre-market trading as a result of analysts downgrading the banking behemoth after “tough” Q422 results.
Despite the bank reporting that its Q4 expenses soared to over $16 billion, Wells Fargo shares ended the day nearly 3.3% higher.
The stock was downgraded by Jefferies analysts from Buy to Hold, with a new price target of $46 per share (from $49).
Similar to Bank of America, WFC stock was reduced at Piper Sandler (NYSE:BAC). Bank of America and Wells Fargo shares are down 1.3% and 0.8%, respectively.