Argus raised the firm’s price target on Wells Fargo to $68 from $66 and keeps a Buy rating on the shares after its Q3 earnings beat. The company’s revenues declined 2% as net interest margin pressure was only partly offset by a double-digit gain in fee revenue, but while its management maintained guidance for an approximate 9% decline in net interest income in 2024 based on a weak lending environment and higher deposit costs, given the strength in fee revenues, Argus sees the overall revenue decline at a smaller 1%, the analyst tells investors in a research note.
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