NEW YORK (TheStreet) -- Shares of Wells Fargo & Co. (WFC) are slightly down, lower by 0.13% to $54.96 in early market trading Monday, after the largest U.S. mortgage lender had its rating cut to "market perform" from "outperform" by analysts at Sanford Bernstein this morning.
Bernstein analysts maintained its price target of $56 on shares, and cited valuation for its downgrade.
Separately, San Francisco, CA-based Wells Fargo will go to trial on Monday as homeowners seek to recover $629 million for alleged overcharge fees by a company once owned by Wachovia, Reuters reports.
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Jury selection for the long-running class-action lawsuit concerning HomEq Servicing, a subprime mortgage services company, will begin in Manhattan federal court, Reuters added.
Separately, TheStreet Ratings team rates WELLS FARGO & CO as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:
"We rate WELLS FARGO & CO (WFC) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, solid stock price performance, growth in earnings per share, expanding profit margins and increase in net income. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity."