Goldman Sachs Upgrades Wells Fargo (WFC) to Conviction Buy
Tweet
Share
E-mail
Get Alerts WFC Hot Sheet
Price: $86.45 +1.19%
Rating Summary:
28 Buy, 20 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 14 | Down: 24 | New: 9
Rating Summary:
28 Buy, 20 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 14 | Down: 24 | New: 9
Join SI Premium – FREE
Goldman Sachs upgraded Wells Fargo (NYSE: WFC) from Neutral to Conviction Buy and raised their price target from $36 to $38.
The firm notes WFC has had the most consistent core PPOP trends, with potential for positive operating leverage given stabilizing expenses.
Goldman also notes that credit reached an inflection point in 4Q2010. They believe the company could surprise to the upside with both a dividend and buyback.
In addition, the recent sell-off given speculation around the CFO departure presents an attractive entry point.
The firm raised 2011 WFC EPS estimate 2% to $2.90 and 2012 EPS to $3.80.
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 $31.44 yesterday.
The firm notes WFC has had the most consistent core PPOP trends, with potential for positive operating leverage given stabilizing expenses.
Goldman also notes that credit reached an inflection point in 4Q2010. They believe the company could surprise to the upside with both a dividend and buyback.
In addition, the recent sell-off given speculation around the CFO departure presents an attractive entry point.
The firm raised 2011 WFC EPS estimate 2% to $2.90 and 2012 EPS to $3.80.
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 $31.44 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Wells Fargo on Neurocrine Bio. (NBIX): 'Defending NBIX, We Would Be Buyers Here'
- Ferguson Enterprises to Join S&P 500; ADI Global Distribution to Join S&P SmallCap 600
- Donaldson (DCI) Declares $0.32 Quarterly Dividend; 1.4% Yield
Create E-mail Alert Related Categories
Hot Upgrades, Insiders' Blog, Trader Talk, UpgradesRelated Entities
Goldman Sachs Conviction Buy List, Goldman Sachs, Dividend, 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!
