Odeon Capital keeps Buy on Wells Fargo despite forecast for ‘tough year’

Odeon Capital keeps a Buy rating on Wells Fargo with a $44.60 price target on the shares following the bank’s better than expected Q1 earnings. "While the bottom line was impressive, a closer look at the underlying numbers was less impressive," the analyst tells investors in a post-earnings research note. The firm, which contends that the "bank is unlikely to match first quarter results in any quarter remaining in the year," says its Buy rating on the stock is "solely due to its valuation since this looks to be a tough year for Wells Fargo."