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UBS Doesn’t See What The Big Deal About Wells Fargo Is

Marcia, Marcia, Marcia!
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Not sure about the Blue Book value of this thing.

The Swiss aren’t quite as dismissive of those adorably precocious San Franciscans as Jamie Dimon, but they’re also definitely not having Wells’ 10-Ks read to them in bed like John Cryan.

The investment bank’s equity research shop initiated coverage on Wells Fargo Thursday, slapping a “sell” rating on the stock and hitting it with a $45 price target. That’s the lowest Wells Fargo price target among at least 27 analysts tracked by FactSet, and it’s 7.6% below where the stock recently traded at $48.71….

“We see risks to [Well Fargo’s] revenue growth and credit performance, which coupled with a valuation on the high end of peers and consensus estimates that have not come down much, puts WFC shares at risk of underperformance in our view,” wrote Brennan Hawken, an analyst at UBS.

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