Buckingham Thinks Wells Fargo’s Stock is Going to Recover

By Ryan Adsit

In a report released today, James Mitchell from Buckingham maintained a Buy rating on Wells Fargo (NYSE: WFC), with a price target of $70. The company’s shares closed on Friday at $50.89, close to its 52-week low of $49.27.

According to TipRanks.com, Mitchell is ranked #232 out of 4771 analysts.

Currently, the analyst consensus on Wells Fargo is Hold and the average price target is $61.64, representing a 21.1% upside.

In a report issued on April 5, UBS also upgraded the stock to Buy.

Wells Fargo’s market cap is currently $248B and has a P/E ratio of 12.15. The company has a book value ratio of 1.3816.

Based on the recent corporate insider activity of 84 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of WFC in relation to earlier this year. Last month, Lloyd Dean, a Director at WFC bought 4,793 shares for a total of $274,687.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.