Miller Tabak Raises Price Target on Wells Fargo (WFC), Anticipates "Tightening of Reins"
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Price: $88.82 +0.81%
Rating Summary:
28 Buy, 20 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
28 Buy, 20 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Miller Tabak is reaffirming its Hold rating on shares of Wells Fargo (NYSE: WFC) while raising its price target from $21.24 to $24.33.
The firm believes that the FOMC is likely going to take steps to keep rates low until mid 2013 at its meeting next week, similar to what the Fed did. As a result, Miller Tabak anticipates that WFC will continue to hold back on loan growth, mainly in mortgages.
An analyst at the firm comments, "Given the backdrop of Fed policy and some weakening in economic indicators, we believe WFC will "tighten the reins" in 2H 2011 and into 2012. Continued de-risking of the portfolio and a renewed emphasis on cutting costs in its massive franchise expense base look very likely to generate strong EPS growth over the next 18 months."
The firm's current 2011 ans 2012 EPS estimates for WFC are $2.67 and $3.18.
For more ratings news on Wells Fargo click here and for the rating history of Wells Fargo click here.
Shares of Wells Fargo closed at $24.69 yesterday.
The firm believes that the FOMC is likely going to take steps to keep rates low until mid 2013 at its meeting next week, similar to what the Fed did. As a result, Miller Tabak anticipates that WFC will continue to hold back on loan growth, mainly in mortgages.
An analyst at the firm comments, "Given the backdrop of Fed policy and some weakening in economic indicators, we believe WFC will "tighten the reins" in 2H 2011 and into 2012. Continued de-risking of the portfolio and a renewed emphasis on cutting costs in its massive franchise expense base look very likely to generate strong EPS growth over the next 18 months."
The firm's current 2011 ans 2012 EPS estimates for WFC are $2.67 and $3.18.
For more ratings news on Wells Fargo click here and for the rating history of Wells Fargo click here.
Shares of Wells Fargo closed at $24.69 yesterday.
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