Wells Fargo Receives “Neutral” Rating from Zacks (WFC)
Zacks reaffirmed their neutral rating on shares of Wells Fargo (NYSE: WFC) in a report issued on Wednesday. They currently have a $38.00 target price on the stock.
Zacks’ analyst wrote, “Wells Fargo’s fourth-quarter 2012 earnings per share surpassed the Zacks Consensus Estimate, benefiting from improvements in top line, aided by rise in all segments’ revenue. However, the company experienced increased non-interest expenses. In the long term, we remain optimistic about the company, based on its diverse geographic and business mix. This allows it to experience continued earnings growth. Strategic acquisitions and solid capital position are expected to improve profitability going forward. However, a protracted economic recovery and pressure on net interest margin resulting from the low interest rate environment remain concerns. Further, regulatory issues as well as increasing demand for mortgage buybacks have added to its woes. Hence, we remain Neutral on the stock. “
Shares of Wells Fargo traded up 0.11% during mid-day trading on Wednesday, hitting $36.46. Wells Fargo has a one year low of $29.80 and a one year high of $36.60. The stock’s 50-day moving average is currently $35.20. The company has a market cap of $192.2 billion and a P/E ratio of 10.84.
WFC has been the subject of a number of other recent research reports. Analysts at Keefe, Bruyette & Woods upgraded shares of Wells Fargo from a market perform rating to an outperform rating in a research note to investors on Tuesday, February 19th. Separately, analysts at Stifel Nicolaus upgraded shares of Wells Fargo from a hold rating to a buy rating in a research note to investors on Monday, February 11th. They now have a $42.00 price target on the stock. Finally, analysts at TheStreet reiterated a buy rating on shares of Wells Fargo in a research note to investors on Thursday, February 7th.
Sixteen investment analysts have rated the stock with a buy rating, five have given an overweight rating, fifteen have issued a hold rating, and one has given a sell rating to the company. Wells Fargo has an average rating of overweight and an average price target of $39.29.
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