Barclays analyst Jason Goldberg has revised the price target for Wells Fargo (WFC, Financial), reducing it to $87 from the previous $92. Despite the adjustment, Goldberg maintains an Overweight rating on the company's shares after the first quarter earnings report.
The bank's operating earnings exceeded expectations, although this positive outcome was largely attributed to lower than anticipated provisions and expenses. These factors played a significant role in shaping the analyst's updated outlook presented to investors.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 21 analysts, the average target price for Wells Fargo & Co (WFC, Financial) is $78.14 with a high estimate of $90.00 and a low estimate of $58.92. The average target implies an upside of 25.00% from the current price of $62.51. More detailed estimate data can be found on the Wells Fargo & Co (WFC) Forecast page.
Based on the consensus recommendation from 23 brokerage firms, Wells Fargo & Co's (WFC, Financial) average brokerage recommendation is currently 2.1, indicating "Outperform" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
Based on GuruFocus estimates, the estimated GF Value for Wells Fargo & Co (WFC, Financial) in one year is $59.67, suggesting a downside of 4.54% from the current price of $62.51. GF Value is GuruFocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. More detailed data can be found on the Wells Fargo & Co (WFC) Summary page.
