Compass Point Reiterates a 'Buy' on Wells Fargo (WFC); Adjusting PT and Estimates

Compass Point reiterates a 'Buy' on Wells Fargo (NYSE: WFC) price target raised from $37 to $39.

Analyst, Chris Gamaitoni, said, "The increase in our price target reflects a lower risk premium as negative headlines from mortgage servicing issues appear to be largely behind the industry and credit performance continues to improve. We are increasing our 2012E from $3.24 to $3.32 and decreasing our 2013E from $3.93 to $3.87. Driving the 2012E increase is a better mortgage banking environment and our 2013E reduction is driven by higher expenses."

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 $33.15 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Advance Auto Parts (AAP) PT Lowered to $48 at DA Davidson Following 25% Selloff Post Q2 Results
• Ferrovial SA (FER:SM) (FRRVF) Reiterated at Buy by UBS on Winning Bid For Tennessee Project
• Deere (DE) PT Raised to $585 at JPMorgan