Wells Fargo (WFC) Stock Earnings Estimates Cut at Barclays
NEW YORK (TheStreet) -- Wells Fargo (WFC) - Get Report fiscal 2016 and 2017 earnings estimates were lowered to $4 from $4.05, and to $4.30 from $4.45, respectively, at Barclays this morning.
Additionally, the firm lowered its price target to $61 from $63 on shares of the San Francisco-based bank.
The estimate decreases come as Wells Fargo delivered "mixed" results for the 2016 second quarter, according to the analyst note.
The company announced "better than expected fees (mortgage, markets) compensating for a worse than expected net interest margin and loan loss provision," Barclays said.
Wells Fargo reported earnings of $1.01 per share, which was "in line with consensus," the firm noted.
Shares of Wells Fargo are up 0.42% to $47.91 in early-morning trading.
(Wells Fargo is held in Jim Cramer's charitable trust Action Alerts PLUS. See all of his holding with a free trialhere.)
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:
We rate WELLS FARGO & CO as a Buy with a ratings score of B. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, good cash flow from operations, expanding profit margins and attractive valuation levels. We feel its strengths outweigh the fact that the company has had lackluster performance in the stock itself.
You can view the full analysis from the report here: WFC
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