Wells Fargo & Co 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.”
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.
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