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
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
Goldman Sachs has also cut
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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