Wells Fargo Downgrade to Sell from Hold

Douglas Jimerson of National Trendlines, the highly rated financial advisory newsletter of the past 25 years, has downgraded Wells Fargo stock to sell from hold. His price target for the next three months is 29.80, the June 2012 low.
Dec. 6, 2012 - PRLog -- Douglas Jimerson, editor of the "National Trendlines" financial advisory newsletter, tracked by the Hulbert Financial Digest among others, has downgraded Wells Fargo stock to sell from hold. Mr. Jimerson's primary methodology is technical analysis. He says that Wells Fargo stock has repeatedly met with selling resistance above 33.25 per share and anticipates that the stock will now begin a painful decline, with initial support at the November low of 31.25. Lower lows will follow. This is an important message for those considering which stocks to sell prior to the likely capital gains tax increase coming in 2013. Given the low interest rate environment, banks such as Wells Fargo are having an increasingly difficult time making profits. Also, the nascent housing recovery that has benefited mortgage lenders such as Wells Fargo in the recent past appears to be fading. Jimerson recommends raising cash in this environment. Investors will have opportunities to reinvest their liquid assets at reduced stock prices by mid-year 2013.
Source:National Trendlines
Tags:Wells Fargo, Downgrade, Douglas Jimerson, Sell, Hulbert
Industry:Investment, Business
Location:Potomac - Maryland - United States
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