Analysts Comment On Wells Fargo's Q2 Performance With Mixed Views: Downgrades And Price Target Adjustments
Portfolio Pulse from Lekha Gupta
Wells Fargo & Co (WFC) reported Q2 EPS of $1.25, beating the consensus of $1.15, with revenues of $20.53 billion, up 21% Y/Y. The profit surged 57% to $4.9 billion. For 2023, net interest income is expected to be ~14% higher than the FY22 level. However, analysts have mixed views, with some lowering estimates and adjusting price targets due to lower revenues, higher share counts, and increased headwinds from eventual rate cuts and new capital regulations.
July 17, 2023 | 4:23 pm
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Wells Fargo's Q2 results beat expectations, but analysts have mixed views, with some lowering estimates and adjusting price targets due to lower revenues, higher share counts, and increased headwinds from eventual rate cuts and new capital regulations.
Wells Fargo's Q2 results were strong, with a 57% surge in profit and revenues beating expectations. However, some analysts have lowered their estimates and adjusted their price targets for the company due to concerns about lower revenues, higher share counts, and increased headwinds from eventual rate cuts and new capital regulations. This mixed view from analysts could lead to uncertainty in the market, potentially impacting the stock's short-term performance.
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