UPDATE: Wells Fargo (WFC) Posts Q2 of $1.01, Inline with Views
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BMO Capital Cuts Price Target on Wells Fargo (WFC) to $50 Following EPS Miss
July 18, 2016 9:21 AM EDTBMO Capital reiterated an Underperform rating on Wells Fargo (NYSE: WFC), and cut the price target to $50.00 (from $52.00), following the company's 2Q earnings report. WFC reported EPS of $0.94, missing the consensus estimate of $1.01. BMO's Core EPS estimates for 2016 have been cut to $3.80 from $4.05.
Analyst... More
Fitch Positive on Wells Fargo (WFC) Following Q2 Report; Ratings Affirmed
July 15, 2016 2:43 PM EDTWells Fargo & Company (NYSE: WFC) reported $5.6 billion in net income, higher on linked-quarter basis, resulting in a return on assets (ROA) of 1.20%, and a return on equity (ROE) of 11.7%. Earnings reflected continued growth in spread income, stable credit costs, and lower noninterest expenses, according to Fitch Ratings. The quarter also included a $290 million gain on the sale of the health benefit services business, as part of the company's strategy to reduce non-core businesses, simplify the organization, and improve the risk profile. This follows last quarter's gain of $381 million on the sale of the crop insurance... More
