Model update: Remain Neutral
We are updating our WFC model to reflect recent Q4 results, a lower tax rate guidance for FY18 than expected and expense targets from management . As a result, our FY18 forecasts decrease by 0.6% as lower revenue estimates add to slightly higher expense expectations. Our FY19 estimates increase by 6.4% thanks to better cost efficiency and lower provision expectations. We have lowered our forecast effective tax rate to 19%. Our price target increases to $67 and we retain our Neutral recommendation.Wells Fargo & Company is a financial and a bank holding company. Through its subsidiaries, the company provides banking, investment and mortgage products and services, as well as consumer and commercial finance. The company provides consumer financial products and services including checking and savings accounts, credit and debit cards, and automobile, student, mortgage and home equity and small business lending, as well as financial planning, private banking, investment management, and fiduciary services. The company also provides financial solutions including commercial loans and lines of credit, letters of credit, asset-based lending, trade financing, treasury management, and investment banking services.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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