Compass Point Reiterates a 'Buy' on Wells Fargo (WFC); Best Positioned Large Cap Bank
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Price: $40.24 +0.57%
Rating Summary:
9 Buy, 12 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Rating Summary:
9 Buy, 12 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Trade WFC Now!
Compass Point reiterates a 'Buy' on Wells Fargo (NYSE: WFC) price target of $41.00 (from $39.00).
Analyst, Kevin Barker, said, "Overall, this quarter's result was primarily in-line with expectations, where solid mortgage banking results largely offset any headwinds from increased repurchase provisions and litigation expenses. However, we would note the company did pull their guidance for achieving run rate noninterest expense of $11.25B by 4Q12."
"We reiterate our rating and increase our price target to $41. The increase in price target reflects higher "core" earnings due to the exclusion of repurchase claims, but we now assume no excess capital given WFC's tier 1 common ratio is 7.8% per Basel III."
For an analyst ratings summary and ratings history on Wells Fargo click here. For more ratings news on Wells Fargo click here.
Shares of Wells Fargo closed at $34.02 yesterday, with a 52 week range of $22.58-$34.59.
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Analyst, Kevin Barker, said, "Overall, this quarter's result was primarily in-line with expectations, where solid mortgage banking results largely offset any headwinds from increased repurchase provisions and litigation expenses. However, we would note the company did pull their guidance for achieving run rate noninterest expense of $11.25B by 4Q12."
"We reiterate our rating and increase our price target to $41. The increase in price target reflects higher "core" earnings due to the exclusion of repurchase claims, but we now assume no excess capital given WFC's tier 1 common ratio is 7.8% per Basel III."
For an analyst ratings summary and ratings history on Wells Fargo click here. For more ratings news on Wells Fargo click here.
Shares of Wells Fargo closed at $34.02 yesterday, with a 52 week range of $22.58-$34.59.
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