Wells Fargo & Co. lost one of its best friends on Wall Street Monday when Donaldson, Lufkin & Jenrette analyst Thomas K. Brown dramatically lowered his expectations for Wells' stock and questioned the company's capacity to "deliver in the future."

The influential analyst, one of Wells' biggest boosters for many years, cut his 12-month target price to $419 from $465, a 10% drop, and said the bank is unlikely to trade at the same earnings multiples as other big banks. He continues to rate the stock a "buy," but largely because he now sees the company as an attractive acquisition for banks that want to expand in the West.

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