Wells Fargo stock is one of the best S&P 500 stocks Wednesday even after the big bank's top-line miss. Here's what you need to know.
The article from Kiplinger discusses Wells Fargo's recent financial performance and its standing in the market. Despite missing revenue expectations in its latest earnings report, with a 6% year-over-year revenue drop to $20.7 billion, Wells Fargo remains a favored stock among analysts. The bank's earnings per share were $1.25, surpassing the consensus estimate of $1.16, which was bolstered by a significant increase in net interest income due to higher interest rates. However, non-interest income saw a decline, and the bank set aside more for potential loan losses, reflecting economic caution. Despite these challenges, analysts like those from Morgan Stanley and Argus Research continue to recommend Wells Fargo as a buy, citing its strong capital position, potential for growth in net interest income, and ongoing efforts to resolve past regulatory issues. The consensus price target suggests a potential 20% upside, indicating confidence in the bank's future performance.
Stocks & Investing
Stocks and Investing
Stocks and Investing
Thu, January 16, 2025 
