Oppenheimer Maintains Outperform Rating and $31 PT on Wells Fargo

A report from Oppenheimer reiterates its Outperform rating and $31 price target on Wells Fargo (NYSE: WFC).

In the report, Oppenheimer writes, “While the market was somewhat disappointed by WFC's 3Q earnings report, the quarter also showed the flexibility of the company's business model. Total revenues declined by $758M, mainly driven by a $802M adverse swing in market sensitive income, and this was offset by a $798M decline in expenses. Excluding the market sensitive income, total revenues were up 0.5% linked quarter, but on the call, analysts mainly worried about a 1.3% linked quarter decline in net interest income. While higher yielding earning assets are rolling off, loan growth has resumed, asset quality continues to improve and earnings should work higher."

WFC closed yesterday at $24.42.