First Look at Wells Fargo's (WFC) Q1 - Nomura

Nomura Securities analyst Keith Murray gave a quick first look at Wells Fargo's (NYSE: WFC) Q1 results this morning. The company posted EPS of $0.92, $0.04 better than the analyst estimate of $0.88. Revenue was $21.3 billion, versus the consensus of $21.6 billion.

Murray commented: "Wells posted another record EPS quarter (8th in a row), but investor reaction to this quarter’s results will likely be muted. The beat vs. consensus was driven by lower credit costs (not really a bad thing) and a lower tax rate. Core trends were sluggish, with total revenue -3% q/q, as NII and fee revenue came in a bit below expectations (2 fewer days in the quarter a drag on NII). Expenses were fine (58% efficiency ratio) and capital continued to improve, but we think consensus numbers are not heading higher for Wells on these results."

The firm maintained a Buy rating and $42 price target on Wells.

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 $37.51 yesterday.

---

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

---

You May Also Be Interested In

• HSBC Downgrades Feng Tay Enterprises (9910:TT) to Hold
• Piper Sandler Downgrades Southwestern Energy (SWN) to Neutral
• TD Cowen Resumes EQT Corp. (EQT) at Hold