Wells Fargo analyst William Warmington Jr has upgraded shares in Equifax to "outperform," predicting that the company will bounce back from the 30% haircut its market cap took when it was revealed that the firm committed the worst commercial data-crime in world history and then twiddled its thumbs for a couple of months before telling anyone and then allowing its CEO to resign.
Warmington Jr says that Equifax is a "high-quality consumer credit franchise" and that the market has overestimated the damage the firm will feel as a consequence of destroying the lives of 140,000,000 Americans, so buying its stocks now is a smart bet ("an attractive entry point").
Wells Fargo is America's largest, most criminal bank, whose scandal-haunted recent history includes opening 2,000,000 fraudulent accounts and then blackballing whistleblower employees, prompting senate investigation; stealing houses from borrowers through widespread foreclosure fraud; stealing cars from 25,000 customers and defrauding 800,000 more with a criminal auto-loan racket; gouging small business owners on credit-card fees; and scamming millions of mortgage borrowers by signing them up for useless, expensive "home insurance" that they didn't request and couldn't use.
And yet, it's still America's largest bank.
So when Warmington Jr predicts that Equifax will probably not pay any penalties for criminal acts committed against millions of Americans, he definitely is speaking from personal experience.
Wells Fargo Upgrades Equifax (EFX) to Outperform, 'Megabreach Creates Opportunity'
(via Super Punch)
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