Piper Sandler Reiterates Neutral Rating on Wells Fargo (WFC)

Piper Sandler analyst R. Scott Siefers reiterated a Neutral rating and $61.00 price target on Wells Fargo (NYSE: WFC).

The analyst commented, "Last week, we hosted a group meeting between WFC’s CFO Mike Santomassimo and institutional investors. While WFC still comes across as cautious on loan growth prospects (consistent with the posture it has taken to date), commentary on deposit trends was constructive. Also, the company remains enthusiastic regarding the investments it has made in its growing IB operation, and we continue to believe WFC has a sizeable capital horde to deploy even more aggressively once there is clarity on emerging rules. Credit trends seem consistent with expectations (very limited issues outside office). For our part, we were most interested in the constructive deposit commentary, which reaffirms our confidence in WFC’s conservative NII guide. Overall, a positive meeting with this company whose position continues to improve. Additional thoughts and detail below."

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 $60.70 yesterday.

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