Oppenheimer Maintains Perform on Wells Fargo & Co Following 1Q:14 Results
Oppenheimer analyst Chris Kotowski came out with his views on Wells Fargo & Company (NYSE:WFC), after the company reported first-quarter results, posting pre-provision earnings of $8.8 billion, up 1.1% from the $8.7 billion last year, and slightly below Kotowski’s $8.9 billion estimate.
Kotowski observed, “WFC’s first-quarter results reflect the general trends of what one is seeing in the regional bank type businesses, or in their terminology, in the “real economy” (presumably as opposed to financial market) type businesses. In other words, everything is sluggish and flattish. Our $1.02 EPS estimate was above consensus’ $0.98 because we assumed there would be a bit of “fluff” in the numbers that would enable them to print an “up” sequential quarter. The “fluff” came more in the form of a discrete tax benefit rather than the equity gains and reserve releases that we had modeled, but the key takeaway should be that the key lines—net interest income, fees and expenses—were all very close to expectations.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Chris Kotowski has a total average return of 1.8% and a 67.6% success rate. Kotowski has an 6.9% average return when recommending WFC, and is ranked #1236 out of 3574 analysts.