Model update: remain Neutral
We are updating our WFC model to reflect recent results as well as operating trends. As a result of the lower than expected Q1 result, our FY18 forecasts decrease by 3.8%, mainly due to higher expenses (including the OCC/CFPB penalty). Our FY19 estimates decrease by 4.1% due to lower revenue expectations and higher provisions. Our price target decreases to $62 (from $65) 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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