Market Overview

2 On 2: Analyst Reaction To Wells Fargo's Q2 Earnings Is Mixed

Share:
2 On 2: Analyst Reaction To Wells Fargo's Q2 Earnings Is Mixed
Related WFC
Benzinga's Top Downgrades
Fast Money Traders Share Their Bank Picks
A Preferred ETF Takes A Tumble (Seeking Alpha)

Wells Fargo & Co (NYSE: WFC) reported second-quarter earnings per share of $1.01, in line with Street estimates. The banker also saw revenues of $22.16 billion versus street expectations slightly higher of $22.17 billion.

On Monday, several analysts reviewed the earnings report for their clients, with opinion split pretty evenly.

In Favor

  • Barclays: Expects cross-selling traction to continue; maintains Overweight.
  • Credit Suisse: citing Wells Fargo’s 12 percent return on equity, Credit Suisse said of the quarter, “Not a bad showing.”

Related Link: Earnings Avalanche Puts Emphasis On Leveraged Tech ETFs

Opposed

  • UBS: Analysts at UBS said the results reinforced concerns over earning power.
  • JPMorgan: Called the quarter “muddied,” and noted large variables in the income statement that weren’t sufficiently explained in the subsequent conference call.

The market showed little appreciation for the quarter’s results, as the stock dropped 2 percent in Friday’s trading. It gained half of that back Monday, when shares rose just over 1 percent in the regular session.

Did you like this article? Could it have been improved? Please email feedback@benzinga.com with the story link to let us know!

Latest Ratings for WFC

DateFirmActionFromTo
Dec 2016SusquehannaDowngradesPositiveNeutral
Nov 2016Deutsche BankMaintainsBuy
Nov 2016JefferiesDowngradesBuyHold

View More Analyst Ratings for WFC
View the Latest Analyst Ratings

Posted-In: Barclays Credit Suisse JPMorgan UBSAnalyst Color Earnings News Analyst Ratings Best of Benzinga

 

Related Articles (WFC)

View Comments and Join the Discussion!