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How Wells Fargo Is Sitting after Its 2Q17 Results

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Part 8
How Wells Fargo Is Sitting after Its 2Q17 Results PART 8 OF 10

How Wall Street Analysts Are Rating Wells Fargo in 3Q17

Rating weakness to follow

As commercial bankers (XLF) are expected to post weaker earnings on lower trading activity and subdued offtake in coming quarters, Wall Street analysts could begin revising their ratings to “hold.”

So far in July 2017, 12 of the 30 analysts covering Wells Fargo (WFC) have given the stock “buy” or “strong buy” ratings, compared with 13 of 31 analysts in the previous month. While 13 analysts (~43%) have given the stock “hold” ratings. Another five analysts have given it “underperform” ratings.

How Wall Street Analysts Are Rating Wells Fargo in 3Q17

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Wells Fargo’s one-year mean price target is $58.65 per share, implying a 7.2% rise from its current level, compared with 31% in 2016.

Trends across the industry

Among Wells Fargo’s major competitors, Bank of America (BAC) has 22 of its 31 analysts giving it a “buy” or “strong buy” rating, mainly on higher credit offtake, rising interest rate margins, and stable investment banking revenues. Eight analysts (~25.8%) have rated the stock a “hold,” while one analyst has rated it a “sell.”

For Citigroup (C), 18 of 29 analysts have given the stock a “buy” or “strong buy” rating in July 2017 on expected growth in earnings, credit offtake, decent margins. Nine analysts (~31%) have given it a “hold,” and two analysts have given it an “underperform” or “sell” rating.

For JPMorgan Chase (JPM), 16 of 28 analysts have given the stock a “buy” or “strong buy” rating in July 2017 on growing core banking business, while 11 analysts (~44.8%) have given it “hold” ratings. One analyst has given JPM stock an “underperform” or “sell” rating.

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