UPDATE: KBW Lowers PT on Wells Fargo to $33 (WFC)

KBW is out with its report today on Wells Fargo WFC, lowering its PT from $36 to $33. In a note to clients, KBW writes, "WFC reported 1Q EPS of $0.67 and we put operating EPS at $0.72 excluding merger charges. As a result of weakening revenue, we are decreasing our EPS estimates for 2011 from $3.10 to $3.00, from $4.05 to $3.75 in 2012, and $4.25 to $4.15 in 2013. We are lowering our price target to $33 from $36 and maintaining our Outperform rating." At the time of posting, shares of WFC were trading pre-market at $28.90, up 0.24% from Wednesday's close.