Wells Fargo (WFC) Numbers Trimmed at Jefferies Post Q3

October 14, 2013 9:17 AM EDT
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Price: $45.94 -1.98%

Rating Summary:
    25 Buy, 13 Hold, 2 Sell

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Jefferies Ken Usdin trimmed estimates and its price target on Wells Fargo (NYSE: WFC) from $48 to $47 following Q3 results but maintained a Buy rating.

"We reduce our '14 and '15 EPS estimates by a dime each to $3.95 and $4.15, respectively," Usdin said. "Greater NIM compression and a higher expense starting point drive the majority of the delta, with better credit quality making up some of the difference. EPS growth is getting tougher as incremental credit leverage approaches exhaustion, but we believe WFC has enough levers to keep growing EPS on a Y-Y basis."

Q4 EPS goes from $1.00 to $0.98, FY 2013 EPS from $3.89 to $3.87 and FY 2014 EPS from $4.05 to $3.95.

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 $41.43 yesterday.

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