RBC Capital Remains a Buy on Wells Fargo

By Austin Angelo

In a report issued on November 13, Matt Barasch from RBC Capital reiterated a Buy rating on Wells Fargo (NYSE: WFC), with a price target of $60. The company’s shares closed yesterday at $54.04.

According to TipRanks.com, Barasch is a 4-star analyst with an average return of 5.4% and a 72.0% success rate. Barasch covers the Financial sector, focusing on stocks such as American International Group, Colliers International Group, and FirstService Corporation.

Currently, the analyst consensus on Wells Fargo is Hold and the average price target is $56.88, representing a 5.3% upside.

In a report issued on November 10, Robert W. Baird also reiterated a Buy rating on the stock with a $58 price target.

Based on Wells Fargo’s latest earnings report for the quarter ending September 30, the company posted quarterly revenue of $26.47 billion and quarterly net profit of $4.6 billion. In comparison, last year the company earned revenue of $25.34 billion and had a net profit of $5.64 billion.

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