Phillip Securities Downgrades Wells Fargo & Company (WFC) to Accumulate From Buy

Wells Fargo & Company (NYSE:WFC) is one of the most undervalued blue chip stocks to buy according to hedge funds. On July 17, Phillip Securities analyst Glenn Thum downgraded Wells Fargo & Company (NYSE:WFC) to Accumulate from Buy, increasing the price target to $85 from $75.

The rating came after Wells Fargo & Company (NYSE:WFC) reported its Q2 earnings. The firm slashed its provisions estimates, stating that the company is likely to face headwinds from macroeconomic factors. It further told investors in a research note that these factors would negatively affect the bank’s non-interest income growth.

Wells Fargo & Company (NYSE:WFC) is a diversified and community-based financial services company that provides insurance, banking, mortgage, investments, and commercial and consumer finance products and services.

Its operations are divided into the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.

While we acknowledge the potential of WFC as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.