Wells Fargo downgraded to Neutral from Accumulate Phillip Securities

Phillip Securities analyst Glenn Thum downgraded Wells Fargo to Neutral from Accumulate with an unchanged price target of $60.83. The bank’s earnings will be hurt by the decline in net interest income from higher funding costs, which will be offset by continued growth in noninterest income, the analyst tells investors in a research note. The firm cites the recent share performance for the downgrade.