Wells Fargo & Co. Price Target Increased to $48.00 by Analysts at Morgan Stanley (WFC)
Morgan Stanley lifted their price objective on shares of Wells Fargo & Co. (NYSE:WFC) to $48.00 in a research note issued on Monday, StockRatingsNetwork.com reports. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s price objective indicates a potential upside of 15.86% from the company’s current price.
Wells Fargo & Co. (NYSE:WFC) traded down 0.22% on Monday, hitting $41.34. 5,936,685 shares of the company’s stock traded hands. Wells Fargo & Co. has a 52 week low of $31.25 and a 52 week high of $44.79. The stock has a 50-day moving average of $41.75 and a 200-day moving average of $40.75. The company has a market cap of $218.0 billion and a P/E ratio of 10.90. Wells Fargo & Co. also saw some unusual options trading on Friday. Investors bought 40,806 put options on the company. This represents an increase of approximately 175% compared to the average daily volume of 14,830 put options.
Wells Fargo & Co. (NYSE:WFC) last posted its quarterly earnings results on Friday, October 11th. The company reported $0.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.97 by $0.02. The company had revenue of $20.50 billion for the quarter, compared to the consensus estimate of $21.00 billion. During the same quarter in the previous year, the company posted $0.88 earnings per share. The company’s revenue for the quarter was down 3.5% on a year-over-year basis. On average, analysts predict that Wells Fargo & Co. will post $3.84 earnings per share for the current fiscal year.
WFC has been the subject of a number of other recent research reports. Analysts at Jefferies Group reiterated a “buy” rating on shares of Wells Fargo & Co. in a research note to investors on Monday. They now have a $47.00 price target on the stock, down previously from $48.00. Separately, analysts at TheStreet reiterated a “buy” rating on shares of Wells Fargo & Co. in a research note to investors on Tuesday, October 8th. Finally, analysts at ISI Group initiated coverage on shares of Wells Fargo & Co. in a research note to investors on Tuesday, October 8th. They set a “buy” rating on the stock. Two equities research analysts have rated the stock with a sell rating, twenty have given a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $43.42.
Wells Fargo & Company is a bank holding company. The Company is a diversified financial services company.
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