Piper Sandler analyst Scott Siefers downgraded Wells Fargo to Neutral from Overweight with a price target of $52, down from $60. The stock closed Tuesday down $2.81 to $49.30. Yesterday's earnings miss and, more importantly, a lack of visibility on improvement in costs puts "heavy downward pressure" on earnings estimates, Siefers tells investors in a research note. The analyst says that given his reduced earnings outlook and the uncertain path to improved profitability, he has "trouble substantiating" a favorable outlook and arguing for a higher valuation multiple.