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Fly News Breaks for January 16, 2020
WFC
Jan 16, 2020 | 10:14 EDT
RBC Capital analyst Gerard Cassidy downgraded Wells Fargo to Underperform from Sector Perform, telling investors that he believes the company has two to three years of "heavy lifting ahead" to turn itself around and that he does not expect the asset cap or all of the 12 regulatory enforcement actions to be lifted until mid 2021 to 2022. The analyst, whose earnings recap note is partially titled "There Will be a Time to Own WFC but Not Today," lowered his price target on Wells Fargo shares to $42 from $48.