Wells Fargo

Wells Fargo (NYSE:WFC) stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/08/2024 10.73% Baird → $55 Downgrades Outperform → Neutral 01/02/2024 32.88% Barclays $54 → $66 Maintains Overweight 12/14/2023 12.91% Odeon Capital → $56.08 Upgrades Hold → Buy 12/08/2023 -5.38% Piper Sandler $45 → $47 Maintains Neutral 12/06/2023 10.73% Raymond James $52 → $55 Maintains Strong Buy 12/04/2023 8.72% Morgan Stanley $52 → $54 Maintains Overweight 12/01/2023 0.66% Goldman Sachs $45 → $50 Maintains Buy 10/16/2023 8.72% BMO Capital $52 → $54 Maintains Market Perform 09/22/2023 -11.42% Deutsche Bank $44 → $44 Reiterates Buy → Buy 09/07/2023 -9.4% HSBC → $45 Initiates Coverage On → Hold 08/01/2023 4.69% Morgan Stanley $49 → $52 Maintains Overweight 08/01/2023 5.7% Atlantic Equities $50 → $52.5 Maintains Overweight 07/18/2023 -1.35% Morgan Stanley $47 → $49 Maintains Overweight 07/17/2023 -9.4% Piper Sandler $43 → $45 Maintains Neutral […]

Baird analyst David George downgrades Wells Fargo (NYSE:WFC) from Outperform to Neutral and announces $55 price target.

Wells Fargo (NYSE:WFC) stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/02/2024 34.15% Barclays $54 → $66 Maintains Overweight 12/14/2023 13.98% Odeon Capital → $56.08 Upgrades Hold → Buy 12/08/2023 -4.47% Piper Sandler $45 → $47 Maintains Neutral 12/06/2023 11.79% Raymond James $52 → $55 Maintains Strong Buy 12/04/2023 9.76% Morgan Stanley $52 → $54 Maintains Overweight 12/01/2023 1.63% Goldman Sachs $45 → $50 Maintains Buy 10/16/2023 9.76% BMO Capital $52 → $54 Maintains Market Perform 09/22/2023 -10.57% Deutsche Bank $44 → $44 Reiterates Buy → Buy 09/07/2023 -8.54% HSBC → $45 Initiates Coverage On → Hold 08/01/2023 5.69% Morgan Stanley $49 → $52 Maintains Overweight 08/01/2023 6.71% Atlantic Equities $50 → $52.5 Maintains Overweight 07/18/2023 -0.41% Morgan Stanley $47 → $49 Maintains Overweight 07/17/2023 -8.54% Piper Sandler $43 → $45 Maintains Neutral 07/17/2023 -11.08% Odeon Capital → $43.75 Downgrades Buy →

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We increase our target price by $10 to $52, 10.2x our 2024 EPS estimate, below the three-year historic average of 11.7x given stagnant growth expectations. We decrease our 2023 EPS view by $0.05 to $5.19 and raise 2024’s by $0.04 to $5.12. After trading relatively flat through the first 10 months of 2023, shares have surged in recent weeks and now sit 21% higher for the year. Still, we view the recent rally as reasonable as falling long-term interest rates and decreasing recessionary odds justify a higher multiple, in our view. WFC is more exposed to commercial real estate office loans (3.4% of total loans) than its large bank peers and clear credit deterioration has been identified in recent quarters with further degradation expected in Q4. However,

Wells Fargo Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 12/14/2023 16.11% Odeon Capital → $56.08 Upgrades Hold → Buy 12/08/2023 -2.69% Piper Sandler $45 → $47 Maintains Neutral 12/06/2023 13.87% Raymond James $52 → $55 Maintains Strong Buy 12/04/2023 11.8% Morgan Stanley $52 → $54 Maintains Overweight 12/01/2023 3.52% Goldman Sachs $45 → $50 Maintains Buy 10/16/2023 11.8% BMO Capital $52 → $54 Maintains Market Perform 09/22/2023 -8.9% Deutsche Bank $44 → $44 Reiterates Buy → Buy 09/07/2023 -6.83% HSBC → $45 Initiates Coverage On → Hold 08/01/2023 7.66% Morgan Stanley $49 → $52 Maintains Overweight 08/01/2023 8.7% Atlantic Equities $50 → $52.5 Maintains Overweight 07/18/2023 1.45% Morgan Stanley $47 → $49 Maintains Overweight 07/17/2023 -6.83% Piper Sandler $43 → $45 Maintains Neutral 07/17/2023 -9.42% Odeon Capital → $43.75 Downgrades Buy → Hold 07/17/2023 5.59% BMO Capital $54 → $51 Maintains Market

Wells Fargo CFO Said Net Interest Income To Rise 16% In Full Year, Boosting Guidance From 14%.

Wells Fargo & Company (NYSE:WFC) reported Q3 net interest of $13.1 billion, up 8% Y/Y, primarily due to the impact of higher interest rates. Q3 EPS reached $1.48, beating the consensus of $1.24 and $0.86 a year ago. Wells Fargo’s profit rose in the third quarter as the U.S. lender benefited from customers paying higher interest on loans. The bank reported Q3 revenues of $20.86 billion, up 21% Y/Y, above the consensus of $20.11 billion. The bank earned Q3 profits of $5.77 billion, up 61% from $3.59 billion a year earlier. CEO Charlie Scharf commented, “Our third quarter results were solid…Our revenue growth from a year ago included both higher net interest income and noninterest income as we benefited from higher rates and the investments we are making in our businesses. Expenses declined from a year ago due to lower operating losses.” “While the economy has continued to be resilient, we

We decrease our target price by $3 to $42, 8.3x our 2024 EPS estimate, below the three-year historic average of 13.6x given declining credit quality expectations. We increase our 2023 EPS view by $0.34 to $5.24 and raise 2024’s by $0.23 to $5.08. WFC posted Q3 EPS of $1.48 vs. $0.86 a year ago, $0.24 above consensus on resilient net interest income of $13.1 billion, which rose 8% Y/Y. WFC has handled the elevated rate regime in an impressive manner, and we note the bank’s net interest margin of 3.03% (+20 bps Y/Y) remains a full 50 bps above pre-pandemic levels. Additionally, we were encouraged by investment banking fees, which surged 31% higher given increased activity across all products. However, we remain cautious on WFC given clear credit deterioration in both net charge-offs (+19 bps to 0.36%) and nonperforming loans (+27 bps to 0.87%). On the positive side, we view