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Wells Fargo (WFC) Gets a Buy Rating from Jefferies

Jefferies analyst Ken Usdin maintained a Buy rating on Wells Fargo (WFCResearch Report) on July 18 and set a price target of $47.00. The company’s shares closed last Tuesday at $42.90.

According to TipRanks.com, Usdin is a top 100 analyst with an average return of 17.7% and a 63.3% success rate. Usdin covers the Financial sector, focusing on stocks such as Zions Bancorporation National Association, Bank of New York Mellon Corporation, and Texas Capital Bancshares.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Wells Fargo with a $52.38 average price target, implying a 21.5% upside from current levels. In a report issued on July 18, Evercore ISI also reiterated a Buy rating on the stock with a $48.00 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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