Shares of Wells Fargo & Co. WFC, +0.22% fell 0.2% in premarket trading Monday, after Raymond James analyst David Long returned to being bearish on the bank, citing expectations of weak earnings and a fourth-straight year of revenue declines next year. Long cut his rating to underperform from market perform. He had upgraded Wells Fargo market perform in March, after being bearish for 2 1/2 years. Long expects revenue to fall 6.8% in 2020, the steepest decline among Wells’ peers, and projects loan growth of a peer-worst 0.5%. He also expects profitability metrics, which have been on a consistent downtrend since 2013 despite an improving economy, to “deteriorate further” in 2020, and remain below the peer average through at least 2021. “Stigma around Wells’ account scandal still lingers, as anecdotal evidence suggests the bank continues to lose customers and revenue-producing bankers, and struggles to recruit quality talent,” Long wrote in a note to clients. “Additionally, we expect [net interest margin] pressure to remain intense as lower [shorter-term] rates pressure its asset yields, while deposit costs have little room to come down.” The stock has climbed 18.2% year to date through Friday, while the SPDR Financial Select Sector ETF XLF, -0.17% has rallied 26.6% and the S&P 500 SPX, -0.40% has climbed 25.3%.