Wells Fargo Cuts Compass Target to $10 Ahead of Earnings
The analyst kept an Equal Weight rating as Compass shares fell; the lower target leaves about 6.5% implied upside from the prior close.
Key takeaways
- Wells Fargo cut its Compass price target to $10 and kept an Equal Weight rating.
- Compass shares fell 4.6% in the afternoon session, according to the source.
Compass shares fell 4.6% in the afternoon session after Wells Fargo analyst Alec Brondolo cut his price target to $10 and kept an Equal Weight rating. The new 12-month target was 23% below his previous target of $13.
The cut implied about 6.5% upside from Compass’s prior close of $9.39, according to the article. At 20:00 UTC on Oct. 12, shares traded at $8.82, down 6.07% from the previous close.
The article said sticky mortgage rates were weighing on existing-home sales, adding to concerns that agent recruitment and Compass’s digital tools may not quickly offset weak transaction volumes.
This article was produced with the help of AI technology. Source: Yahoo Finance
