J.P. Morgan Raises EPS Estimate on Wells Fargo (WFC) to $2.72

J.P. Morgan raises the EPS estimate on Wells Fargo WFC 4 cents to $2.72 to reflect faster improvements in credit quality. J.P. Morgan said Wells Fargo's stock was hurt with 1Q results as reported EPS included 5 cent tax benefit but still met consensus. J.P. Morgan writes, "Our revised estimates reflect qoq decline in expense in 2Q and improving credit quality, partly offset by lower net interest income run-rate from increased liquidity near term." Shares of Wells Fargo (WFC) closed at $29.11 yesterday.