Goldman Raises Citi, Cuts Wells Fargo

Goldman Sachs has cuts its recommendation for Wells Fargo stock, while upgrading Citigroup stock.
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NEW YORK (TheStreet) -- Goldman Sachs (GS) - Get Report has cut its recommendation for Wells Fargo (WFC) - Get Report to neutral from buy, citing year-to-date performance concerns and near-term risks.

On the other hand, Goldman Sachs has raised

Citi

(C) - Get Report

shares to buy from neutral.

Goldman Sachs says that while Wells Fargo has strong earnings ability that can bring its shares higher in the near-term, it also sees more relative value in bank stocks such as

Bank of America

(BAC) - Get Report

,

JPMorgan Chase

(JPM) - Get Report

and Citigroup.

Goldman Sachs has also cut

Comerica

(CMA) - Get Report

to neutral from buy, citing protracted, low interest rates. Comerica shares have fallen 1.4% to $38.10.

Shares of Wells Fargo are down 1.5% to $29.70 in pre-market trading, while Bank of America stock is down 1% to $15.83. Meanwhile, JP Morgan has edged lower to $39.70, down 0.9%.

Citigroup has risen 1.1% to $3.79.

Citigroup Who's Right: Paulson or Soros?

-- Reported by Andrea Tse in New York

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