Nomura Securities Maintains a 'Neutral' on Wells Fargo (WFC); Q3 Review
Tweet
Share
E-mailGet Alerts WFC Hot Sheet
Price: $83.84 +0.17%
Rating Summary:
28 Buy, 20 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 6 | New: 26
Rating Summary:
28 Buy, 20 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 6 | New: 26
Join SI Premium – FREE
Nomura Securities maintains a 'Neutral' on Wells Fargo (NYSE: WFC) price target lowered by $2 to $29.00.
Nomura analyst, Brian Foran, said, "Wells Fargo’s 3Q revenue trends disappointed. The stock was a popular hiding place for investors among the banks. As a result, there was an outsized negative reaction to a so-so quarter. 4Q is likely to be better given the lagged nature of Wells’ mortgage revenue accounting. Looking past the refi boom, pressure on net interest income remains a recurring theme. We regard the valuation as remaining attractive at 8x earnings, but the same case could have been made for the past year – the problem is estimates keep slipping lower. Our 2012E falls to $2.95 from $3.30. Our 2013E falls to $3.25 as we had previously assumed some bounce-back in net interest income."
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 $24.42 yesterday.
Nomura analyst, Brian Foran, said, "Wells Fargo’s 3Q revenue trends disappointed. The stock was a popular hiding place for investors among the banks. As a result, there was an outsized negative reaction to a so-so quarter. 4Q is likely to be better given the lagged nature of Wells’ mortgage revenue accounting. Looking past the refi boom, pressure on net interest income remains a recurring theme. We regard the valuation as remaining attractive at 8x earnings, but the same case could have been made for the past year – the problem is estimates keep slipping lower. Our 2012E falls to $2.95 from $3.30. Our 2013E falls to $3.25 as we had previously assumed some bounce-back in net interest income."
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 $24.42 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Walmart (WMT) PT Lowered to $130 at UBS on Investment Narrative's Competing Dynamics
- HSBC Downgrades China Power International (2380:HK) (CPWIF) to Hold
- UBS Upgrades Apollo Tyres (APTY:IN) to Buy
Create E-mail Alert Related Categories
Analyst CommentsRelated Entities
Nomura, Earnings, Wells FargoSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
