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