Wells Fargo Shares Fall Despite Q2 Earnings Beat: ‘Guidance Was Softer Than Expected — A Valid Concern’
Shares of Wells Fargo & Co (NYSE:WFC) recovered slightly in early trading on Monday, after tanking on Friday, following the second-quarter results.
The results came amid an exciting earnings season. Here are some key analyst takeaways from the release.
- Goldman Sachs analyst Richard Ramsden maintained a Buy rating, while reducing the price target from $71 to $64.
- RBC Capital Markets analyst Gerard Cassidy reiterated a Sector Perform rating and price target of $61.
- Piper Sandler analyst Scott Siefers reaffirmed a Neutral rating and price target of $61.
- Oppenheimer analyst Chris Kotowski maintained a Perform rating on the stock.
Check out other analyst stock ratings.
Goldman Sachs: While Wells Fargo reported second-quarter earnings of $1.33 per share, beating consensus of $1.25 per share, its core earnings (excluding one-time items) came in at $1.42 per share, in-line with expectations, Ramsden said in a note. The mix deteriorated in the quarter, with more low-margin fee revenue and less high-margin net interest income, he added.
“The lowered NII guide was attributed to a large repricing of wealth management sweep deposits …
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