Compass Point analyst David Rochester lowered the firm’s price target on Wells Fargo to $56 from $58 and keeps a Buy rating on the shares. The firm is adjusting its FY24 and FY25 core EPS estimates to reflect lower NII/NIM estimates and modestly lower fees, but continues to view the shares favorably, as it expects expanding ROTCE and a return to “healthy EPS growth in FY25 following the dip we expect in EPS in FY24” to support share price outperformance over the next year.
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