New York, July 17 (FinanceEnquiry.com) – Analysts at Deutsche Bank Securities reiterate their BUY rating on the shares of Wells Fargo & Company (NYSE: WFC). The 12-month target price is set to $36.
In a research note published on July 16, the analysts mention that EPS of the Wells Fargo & Company has been raised from $3.298865 to $3.315864. By outperforming the BKX by 500 basis points, shares of the company grew 3 percent yesterday and for now, they are up 22 percent YTD.
In addition to this, during the recent sell off of the big banks, the stock hold up very well. Due to the recent strength and a valuation of 9x 2013e, which seems pretty much reasonable as compared to that of being closer to 8x, some of the things that could raise worrying situation for the stock are due for a pullback.
Nevertheless, to ongoing macro risks, WFC is expected to remain less exposed and moreover this, in 2H12 fundamentals that have been driven by strong mortgage and decreasing expenses appear to remain solid. To other super regionals, the stock of the company still trades at a modest discount at 9x, the analysts add further.
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