Wells Fargo (WFC) Added to Baird's Fresh Pick List

September 24, 2020 6:55 AM EDT
Get Alerts WFC Hot Sheet
Price: $44.59 -0.98%

Rating Summary:
    18 Buy, 21 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 18 | Down: 12 | New: 23
Trade Now! 
Join SI Premium – FREE

Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.

Baird analyst David George reiterated an Outperform rating and $35.00 price target on Wells Fargo (NYSE: WFC) on the belief that the risk/reward looks very compelling for contrarian investors. The stock was also added to the Baird Fresh Pick list as a bullish call. He offered the following points:

  • NII expectations have been reset and should stabilize and improve with more flexibility to grow the balance sheet and/or steepening in the yield curve.
  • Given strong existing reserve levels (ACL/loans 2.19% in Q220) and improvement in the macro outlook, reserve build should be limited moving forward.
  • The company is working hard to remediate its 12 outstanding consent orders and exit the Fed’s balance sheet cap.
  • The management team recognizes that expenses are too high, ~$10B of expense cuts previously referenced to reach the peer efficiency ratio informs the business planning process and how the company is thinking about getting to best-in-class performance.

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 $22.81 yesterday.



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

You May Also Be Interested In





Related Categories

Analyst Comments, Hot Comments

Related Entities

Robert W Baird, Wells Fargo