Miller estimates that Wells Fargo will earn $3.35 a share for 2012, followed by EPS of $3.65 in 2013.
The analyst said that "WFC has a strong HARP pipeline. Almost 50% of the loans in its servicing portfolio are eligible for refinancing and management commented that, even without solicitation, product is practically walking through the door."
Miller added that "in this uncertain environment, investors will be looking to get into quality names at opportunistic prices," and that "WFC, in particular, will benefit from this flight to quality and that current levels represent an attractive buying opportunity." He also sees Wells Fargo as "an attractive defensive holding in a volatile market," in light of its "largely domestic footprint.
Interested in more on Wells Fargo? See TheStreet Ratings' report card for this stock.
Email. Follow @PhilipvanDoorn
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV