Wells Fargo & Co. (NYSE:WFC) had its price objective raised by Morgan Stanley to $48.00 in a research report released on Monday morning, American Banking News reports. Morgan Stanley currently has an equal weight rating on the stock.
Wells Fargo & Co. (NYSE:WFC) traded up 2.09% during mid-day trading on Monday, hitting $42.41. 9,716,319 shares of the company’s stock traded hands. Wells Fargo & Co. has a 1-year low of $31.25 and a 1-year high of $44.79. The stock’s 50-day moving average is $41.70 and its 200-day moving average is $40.85. The company has a market cap of $223.7 billion and a price-to-earnings ratio of 10.93.
Wells Fargo & Co. (NYSE:WFC) last issued its quarterly earnings data on Friday, October 11th. The company reported $0.99 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.97 by $0.02. The company had revenue of $20.50 billion for the quarter, compared to the consensus estimate of $21.00 billion. During the same quarter in the prior year, the company posted $0.88 earnings per share. The company’s quarterly revenue was down 3.5% on a year-over-year basis. Analysts expect that Wells Fargo & Co. will post $3.85 EPS for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at Jefferies Group reiterated a buy rating on shares of Wells Fargo & Co. in a research note to investors on Monday. They now have a $47.00 price target on the stock, down previously from $48.00. Separately, analysts at TheStreet reiterated a buy rating on shares of Wells Fargo & Co. in a research note to investors on Tuesday, October 8th. Finally, analysts at ISI Group initiated coverage on shares of Wells Fargo & Co. in a research note to investors on Tuesday, October 8th. They set a buy rating on the stock. Two investment analysts have rated the stock with a sell rating, twenty have issued a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Wells Fargo & Co. presently has a consensus rating of Hold and a consensus target price of $43.85.
Wells Fargo & Company is a bank holding company. The Company is a diversified financial services company.
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