Wells Fargo Maintains Overweight on Bank of America, Lowers Price Target to $40
Portfolio Pulse from Benzinga Newsdesk
Wells Fargo analyst Whit Mayo has maintained an 'Overweight' rating on Bank of America (NYSE:BAC) but has lowered the price target from $43 to $40.
August 23, 2023 | 11:22 am
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NEUTRAL IMPACT
Bank of America's price target has been lowered from $43 to $40 by Wells Fargo, though the 'Overweight' rating is maintained.
The lowering of the price target by Wells Fargo could potentially create a negative sentiment among investors, which might put downward pressure on the stock price. However, the maintained 'Overweight' rating indicates that the analyst still sees potential upside, which could balance out the negative impact.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
Wells Fargo has maintained an 'Overweight' rating on Bank of America and lowered the price target from $43 to $40.
As the issuer of the rating and price target, this news could impact investor sentiment towards Wells Fargo. However, as it's not directly about Wells Fargo's own operations or performance, the impact is likely to be limited.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 50