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Evercore ISI Sticks to Their Buy Rating for Wells Fargo (WFC)

In a report issued on July 13, John Pancari from Evercore ISI maintained a Buy rating on Wells Fargo (WFCResearch Report), with a price target of $48.00. The company’s shares closed last Thursday at $43.28.

According to TipRanks.com, Pancari is a 3-star analyst with an average return of 1.8% and a 46.5% success rate. Pancari covers the Financial sector, focusing on stocks such as Zions Bancorporation National Association, Discover Financial Services, and Bread Financial Holdings.

Currently, the analyst consensus on Wells Fargo is a Strong Buy with an average price target of $52.38, representing a 23.3% upside. In a report issued on July 7, Robert W. Baird also maintained a Buy rating on the stock with a $60.00 price target.

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Based on Wells Fargo’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $17.03 billion and net profit of $3.12 billion. In comparison, last year the company earned revenue of $20.27 billion and had a net profit of $6.04 billion.

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Founded in 1852, California-based Wells Fargo & Co. is a diversified financial services company, which is engaged in banking, insurance, investments, mortgage, and consumer and commercial finance. It operates through the following segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.

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