What's Going On With Wells Fargo Shares? Analyst Lowers Price Target
Portfolio Pulse from Henry Khederian
Wells Fargo & Co (NYSE:WFC) shares are trading higher by 0.8% to $59.63 despite mixed analyst reactions to its second-quarter financial results. Goldman Sachs lowered its price target from $71 to $64, while RBC's Gerard Cassidy reiterated a Sector Perform rating with a $61 price target. Concerns include a $350 million headwind to net interest income in 2024.
July 23, 2024 | 7:33 pm
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Wells Fargo shares are trading higher by 0.8% to $59.63 despite mixed analyst reactions to its second-quarter financial results. Goldman Sachs lowered its price target from $71 to $64, while RBC's Gerard Cassidy reiterated a Sector Perform rating with a $61 price target. Concerns include a $350 million headwind to net interest income in 2024.
The mixed analyst reactions and lowered price targets indicate uncertainty about Wells Fargo's future performance. The $350 million headwind to net interest income in 2024 is a significant concern, but the stock's current upward movement suggests that investors are not overly worried in the short term.
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