Nomura Securities Maintains a 'Buy' on Wells Fargo (WFC); Attractive Even In Slow Growth Environment
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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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Nomura Securities maintains a 'Buy' on Wells Fargo (NYSE: WFC) price target of $38.00.
Analyst, Brian Foran, said, "In a low-rate, slow growth environment, the company expects to be at the middle or bottom of a 1.3-1.6% ROA range, which translates to $3.10 of EPS. Consensus for 2012 is $3.25 and 2013 is $3.68. However, consensus models 1% asset growth next year. Wells’ capital deployment targets imply 4-8% growth. If we take the mid to bottom of the ROA range and the middle of the asset growth range, we get 2013 EPS that's roughly in line with consensus...Our EPS estimates are unchanged: F12/F13E is at $3.40/$3.60 vs. Street at $3.25/$3.68. At 9x earnings, WFC is attractively valued, and as long as investors are hiding from Europe and capital markets they are likely to stay in the stock."
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 $31.67 yesterday.
Analyst, Brian Foran, said, "In a low-rate, slow growth environment, the company expects to be at the middle or bottom of a 1.3-1.6% ROA range, which translates to $3.10 of EPS. Consensus for 2012 is $3.25 and 2013 is $3.68. However, consensus models 1% asset growth next year. Wells’ capital deployment targets imply 4-8% growth. If we take the mid to bottom of the ROA range and the middle of the asset growth range, we get 2013 EPS that's roughly in line with consensus...Our EPS estimates are unchanged: F12/F13E is at $3.40/$3.60 vs. Street at $3.25/$3.68. At 9x earnings, WFC is attractively valued, and as long as investors are hiding from Europe and capital markets they are likely to stay in the stock."
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 $31.67 yesterday.
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