Insurance Technology Industry News

TMCNet:  Downgrade Alert for Wells Fargo (WFC)

[January 04, 2013]

Downgrade Alert for Wells Fargo (WFC)

Jan 04, 2013 (SmarTrend(R) Upgrades/Downgrades via COMTEX) -- Wells Fargo (NYSE:WFC) was downgraded from Buy to Neutral at Goldman Sachs today. The stock closed yesterday at $34.76 on volume of 24.9 million shares, above average daily volume of 22.0 million. There is potential upside of 11.8% for shares of Wells Fargo based on a current price of $34.76 and an average consensus analyst price target of $38.85. The stock should discover initial support at its 200-day moving average (MA) of $33.52 and subsequent support at its 50-day MA of $33.45.

Over the past year, Wells Fargo has traded in a range of $27.94 to $36.60 and closed yesterday at $34.76, 24% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has remained constant.

Wells Fargo & Company is a diversified financial services company providing banking, insurance, investments, mortgage, leasing, credit cards, and consumer finance. The Company operates through physical stores, the Internet and other distribution channels across North America and elsewhere internationally.

SmarTrend recommended that subscribers consider buying shares of Wells Fargo on December 12th, 2012 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $33.64. Since that recommendation, shares of Wells Fargo have risen 3.3%. We continue to monitor WFC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Write to Chip Brian at cbrian@mysmartrend.com --------------------------------------------------------------------------------------------- SmarTrend analyzes over 5,000 securities simultaneously throughout the trading day and provides its subscribers with trend change alerts in real time. To get a free trial of our trading calls and maximize your trading results, please visit http://www.MySmarTrend.com Get exclusive, actionable insight into how the market is expected to trend prior to market open with our free morning newsletter. Sign up at: http://www.MySmarTrend.com/signup

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