Wells Fargo Reports $5.6 Billion in Quarterly Net Income

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Go back to Wells Fargo Reports $5.6 Billion in Quarterly Net Income

Evercore Affirms Wells Fargo (WFC) at 'But'; Q3 Results Solid, Bolstered by Credit; Sales Practice Remains in Focus

October 14, 2016 10:28 AM EDT

Evercore ISI affirms Wells Fargo & Co. (NYSE: WFC) at Buy with a price target of $51 following Q3 results released earlier.

Analyst John Pancari and his team noted today:

3Q results overshadowed by sales practice issue; results mixed. WFC reported 3Q16 EPS of $1.03. Ex sec gains, we peg core EPS at $1.02, which compares to our est of $0.98 and cons of $1.01. Upside to our est was mainly driven by lower LLP (+0.06) and lower share count (+$0.01), partly offset by higher expenses... More