This morning, Stifel Nicolaus downgraded shares of Wells Fargo (NYSE:WFC) from buy to hold as the effects of QE3 will lower interest rates across the board. In the report, Stifel also cut its EPS estimates.
And Citigroup downgraded both Phillips 66 (NYSE:PSX) and Valero (NYSE:VLO) citing valuation. Both refining companies are approaching their respective price targets and are fully valued at this time. In the report, Citigroup reiterated its $35 price target for Valero and its $49 price target for Phillips 66.
Shares of Valero were lower by 2.9% on the news, while Phillips 66 was only off 0.2% today.
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