These Analysts Increase Their Forecasts On Wells Fargo After Better-Than-Expected Q3 Earnings

Core Insights - Wells Fargo reported a GAAP EPS of $1.42 for Q3, exceeding the consensus estimate of$1.28, while revenue decreased by 2% to $20.37 billion, slightly below the expected$20.41 billion [1][2] Group 1: Earnings Performance - The company achieved better-than-expected earnings with a GAAP EPS of $1.42, surpassing the consensus of$1.28 [1] - Revenue fell by 2% to $20.37 billion, compared to analysts' expectations of$20.41 billion [1] Group 2: Strategic Changes and Future Outlook - CEO Charlie Scharf highlighted a shift in the earnings profile over the past five years, emphasizing strategic investments and a more diverse revenue base, with fee-based revenue growing by 16% in the first nine months of the year [2] - For fiscal year 2024, Wells Fargo anticipates a net interest income decline of approximately 9% from the 2023 level of $52.4 billion, which is a revision from the previous guidance of a 7$62.54 [2] - Analysts adjusted their price targets, with Evercore ISI Group raising it from $68 to$71, Piper Sandler from $60 to$62, and RBC Capital maintaining a $61 target [2] - The consensus price target for Wells Fargo is$61.42 based on ratings from 22 analysts, with a high of $68 and a low of$48 [3]