Citi Reiterates Neutral Rating on Wells Fargo (WFC)

Citi analyst Keith Horowitz reiterated a Neutral rating and $63.00 price target on Wells Fargo (NYSE: WFC).

The analyst commented, "WFC was a significant underperformer on earnings day (down 6% vs BKX down 25bps), largely on softer NII outlook relative to expectations due to weaker loan demand and higher-than-expected repricing of WIM deposits. Note that guidance remains down 7-9%, just that now tracking in the down 8-9% range vs expectations heading in of upside to guidance. Our 2024 NII is largely unchanged as strength in core deposit balances offsets lower earning asset yields and higher funding costs; however, we expect these headwinds to pressure NII in ’25 and ’26. We expect elevated expenses associated with investments in tech and branch renovations, offsetting continued momentum in fees. Credit trends remain on track. Maintain Neutral and $63 TP."

For an analyst ratings summary and ratings history on Wells Fargo click here. For more ratings news on Wells Fargo click here.

Shares of Wells Fargo closed at $56.54 yesterday.

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