Wells Fargo & Company Bouncing Back From Dick Bove Cut

Wells Fargo & Company (NYSE: 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%.