Piper Sandler & Co. analyst R. Scott Siefers downgraded Wells Fargo & Co. following the company's 2019 fourth-quarter earnings results.

A lack of visibility on improvement in costs and an earnings "miss" put a heavy downward pressure on Siefers' EPS estimates. The reduced earnings outlook and uncertain path to improved profitability causes the analyst to have trouble sustaining a favorable outlook, he wrote.

Siefers downgraded the company's stock rating to "neutral" from "overweight" and lowered the price target to $52 from $60. The analyst lowered his 2020 EPS estimate to $3.99 from $4.29 and his 2021 EPS estimate to $4.33 from $4.41.