The initiation of coverage by Wells Fargo with an Equal-Weight rating and a price target of $31 for Phillips Edison (NASDAQ:PECO) is likely to have a neutral impact on the stock price in the short term. The rating suggests that the stock is fairly valued and the price target is in line with the current market expectations. The news is important for investors as it provides an updated view on the stock from a reputable financial institution, but it does not suggest any significant change in the stock's outlook.