These Analysts Revise Their Forecasts On Wells Fargo Following Q2 Earnings

Wells Fargo & Company WFC reported better-than-expected second-quarter financial results.

Wells Fargo reported quarterly EPS of $1.25, beating the consensus of $1.15, with revenues of $20.53 billion, up 21% Y/Y, above the consensus of $20.07 billion.

The company sees 2023 net interest income to be 14% higher than the FY22 level of $45.0 billion, up from prior guidance of 10% higher.

Wells Fargo shares fell 0.3% to close at $43.56 on Friday, but added 0.1% in today’s pre-market trading session.

These analysts made changes to their price targets on Wells Fargo following earnings announcement.

• Raymond James raised the price target on Wells Fargo from $51 to $52. Raymond James analyst David Long maintained the stock with a Strong Buy rating.
• Citigroup increased the price target on Wells Fargo from $50 to $52. Citigroup analyst Keith Horowitz maintained a Buy rating.
• BMO Capital, meanwhile, lowered the price target on Wells Fargo from $54 to $51. BMO Capital analyst James Fotheringham maintained the stock with a Market Perform

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