Analyst Kevin Barker at Compass Point boosted his price target on Wells Fargo WFC from $49 to $51 following the firm’s second quarter earnings report last week. Compass Point currently has a neutral rating on the stock.
Barker writes, “Although the streak of quarterly earnings growth finally ended, the operating result matched street estimates and total revenue ticked up after several quarters of stagnation. WFC needs to continue to growing the topline in order to drive EPS higher given the reserve releases cannot continue forever, especially with a pickup in loan balances.”
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The note further goes on to comment that Wells Fargo faced high litigation costs and that ongoing costs may make it difficult to meet the upcoming year’s consensus.
Shares of Wells Fargo have been volatile in early Monday trading and were last down 0.08 percent to $51.45.
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