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Vining Sparks Thinks Wells Fargo’s Stock is Going to Recover


Vining Sparks analyst Marty Mosby maintained a Buy rating on Wells Fargo (NYSE: WFC) today and set a price target of $66. The company’s shares opened today at $52.10, close to its 52-week low of $50.26.

Mosby noted:

“While the recent issues surrounding WFC have definitely damaged its reputation, we believe the fundamental profitability and earnings power of WFC ’s franchise is still intact and currently hidden by recent issues. Moreover, WFC should still generate mid-single digit underlying shareholder value annually from dividend payouts and TBV growth alone. We believe this meaningful shareholder value creation paired with its currently pressured valuation should provide long -term investors who can wait for its inflection point in 2019E the opportunity to realize total returns over 20% over the next 12 months.”

According to TipRanks.com, Mosby is a 5-star analyst with an average return of 13.2% and a 63.1% success rate. Mosby covers the Financial sector, focusing on stocks such as Huntington Bancshares Inc, Goldman Sachs Group Inc, and Fifth Third Bancorp.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Wells Fargo with a $62.64 average price target, implying a 20.2% upside from current levels. In a report issued on September 28, UBS also maintained a Buy rating on the stock with a $63 price target.

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The company has a one-year high of $66.31 and a one-year low of $50.26. Currently, Wells Fargo has an average volume of 19.16M.

Based on the recent corporate insider activity of 56 insiders, corporate insider sentiment is negative on the stock.

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