Wells Fargo & Co WFC:NYSE

Last Price$47.21NYSE Previous Close - Last Trade as of 7:00PM ET 12/01/21

Today's Change-0.57(1.19%)
Bid (Size)$47.80 (2)
Ask (Size)$48.20 (2)
Day Low / High$47.18 - 49.45

Research Alert: CFRA Maintains Buy Opinion On Shares Of Wells Fargo & Company

12:35PM ET 10/14/2021 MT Newswires
CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We are confident in WFC delivering a 2021-2022 turnaround that drives higher capital returns. We keep our $52 target on forward P/E of 13.0x our '22 EPS, near 5-year historic average, given our view that WFC can realize higher revenue and cost efficiency. We raise 2021 EPS $0.20 to $4.50 and keep 2022's unchanged at $4.00. WFC posts Q3 2021 EPS of $1.17, including pretax loan loss reserve reversal of $1.7 billion, $0.30 per share. NII was 5% lower in Q3 2021 Y/Y, better than -11% Y/Y in Q2 comps and this key metric was 47% of total revenue vs. 54% a year ago; so we see 2022 upside with higher rates. Despite lower loan balances, noninterest income was flat Y/Y in Q3 2021 with investment advisory and asset-based fees +15%, deposit-related fees +9%, card fees +18%, and lending-related fees +4%, offset by declines in mortgage banking -21% and commissions/brokerage services fees -8%. We think Middle Market Banking (-8% loans Y/Y) and Commercial Banking (-12%) may be related to pruning less profitable areas.