Evercore ISI initiates coverage on Wells Fargo (NYSE: WFC) with a Hold rating and a price target of $57.00.

Analyst John Pancari comments, "A diversified business base and core-funded B/S should continue to support Wells Fargo’s above-peer returns (‘15E ROTCE 15%; peers 11%). However, a more cautious NIM and loan growth outlook supports our below-cons EPS view (2016 4% below cons). Given this outlook and WFC’s premium valuation (particularly post 21% price appreciation in ‘14), we look for a more attractive entry point."

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 $52.68 yesterday.