Wells Fargo stock surged on strong earnings, leading to a price target increase.

From CNBC: 2024-10-11 13:19:12

Wells Fargo’s stock rose 6% despite missing revenue expectations in the third quarter. Total revenue fell 2.4% to $20.37 billion, lower than analysts’ estimates of $20.42 billion. However, earnings per share of $1.52 exceeded Wall Street’s consensus of $1.28, even after adjusting for losses on debt securities. Shares climbed to over $61. Price target raised to $66/share due to efficiency gains, progress on asset cap, and optimistic economic outlook. Jim Cramer’s Charitable Trust has a position in WFC. Membership in CNBC Investing Club provides trade alerts before Jim executes a trade. No fiduciary obligation exists.



Read more at CNBC:: We’re hiking our Wells Fargo price target after the stock surged on earnings