BMO Capital analyst James Fotheringham lowered his price target on Wells Fargo to $59 and kept his Market Perform rating after its operating expense-driven miss in Q2. The analyst also lowers his FY19 and FY20 EPS views by 9c and 37c to $4.40 and $5.20 respectively given the bank's lower net interest income and higher costs. Fotheringham contands that although Wells Fargo shares trade "well below" their average historical multiples, value investors should stay away until there is an update on guidance from a permanent CEO and the Fed gives more clarity on the timing of potential lifting of the bank's asset cap.