Wells Fargo & Company WFC shares are well off session lows, down just 1% after Dick Bove of Rochdale Securities downgraded the stock to Sell.
Bove cut the rating to Sell and cut the price target to $22, citing rising unemployment, ongoing weakness in the housing market and slowdown in manufacturing.
At last check, shares of WFC were off 34 cents to $26.52, a loss of 1.3%.
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