Today’s Research Reports on Stocks to Watch: Bank of America and Wells Fargo

NEW YORK, NY / ACCESSWIRE / March 23, 2018 / Shares of Bank of America and Wells Fargo & Company were both dragging in the market yesterday as investors were concerned over China trade war fears. The Dow Jones dropped over 700 points as worries intensified. President Trump and his administration revealed tariffs that could punish China for intellectual property theft.

RDI Initiates Coverage on:

Bank of America Corporation
https://rdinvesting.com/report/?ticker=BAC

Wells Fargo & Company
https://rdinvesting.com/report/?ticker=WFC

Bank of America Corporation shares closed down 4.14% on about 110 million shares traded on Thursday. It was yesterday that Bank of America slashed its price forecast on Facebook shares citing the #deletefacebook trend going on right now. Bank of America Merrill Lynch has reduced its price target on the social network giant from $265 to $230 as the company is engulfed in negative sentiment right now about the Cambridge Analytica data scandal. Merrill Lynch analyst Justin Post remarked, “We think Zuckerberg addressed the issues and a long recovery process can start. That said, there was nothing that could be said to appease the most vocal critics, mainstream backlash will persist as Cambridge Analytica remains in the headlines, and we would expect some impact to near-term platform usage.” Post still has a “buy” rating on the stock.

Access RDI’s Bank of America Corporation Research Report at:
https://rdinvesting.com/report/?ticker=BAC

Wells Fargo & Company shares closed down 4.12% on about 32.6 million shares on Thursday. It was on Wednesday that the lender announced it is increasing its prime rate from 4.50% to 4.75% effective on Thursday. It was last week that a report in the Wall Street Journal revealed that federal agents are interviewing the company’s wealth management employees in the Phoenix area. The report said that authorities are expanding the investigation on the bank’s sales practices beyond just the retail division. It was in 2016 that Wells Fargo’s scandal surfaced about it having problems with its sales practices which included creating 3.5 million accounts without even the customer’s consent or knowledge.

Access RDI’s Wells Fargo & Company Research Report at:
https://rdinvesting.com/report/?ticker=WFC

Our Actionable Research on Bank of America Corporation (NYSE: BAC) and Wells Fargo & Company (NYSE: WFC) can be downloaded free of charge at Research Driven Investing.

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