NEW YORK—Wells Fargo & Co. and JPMorgan Chase & Co. reported a rise in net interest income in the first quarter, as the Federal Reserve’s rate hikes help their bread-and-butter business—taking deposits and lending. The Fed raised rates by a quarter point in March to a 0.25 percent-0.5 percent range, and has flagged another half-point…
Here’s How Wells Fargo Views Fintech Stocks Shopify, PayPal, Block
Wells Fargo analyst Jeff Cantwell launched global coverage of the payments and fintech sector with a bullish stance. He saw a $1.5 trillion annual revenue opportunity for fintech companies globally and expects 6 percent yearly growth over the ensuing decade. Cantwell initiated Shopify Inc. with an Overweight rating and an $834 price target (18.2 percent upside). After the recent…
Nonprofit Ends Art Gallery Lease Over ‘Censorship’ Claim of Controversial Art
LAGUNA BEACH, Calif.—A nonprofit arts organization terminated a 20-year relationship with Wells Fargo over censorship claims after the branch removed a 36 quilt-exhibit containing a gambit of political messaging about civil rights, climate change, and COVID-19. “We were recently informed that the Community Art Project is terminating its pro-bono use of space at our Laguna…
Wells Fargo Sees 67 Percent Upside in Samsara Post Q4 Results
Wells Fargo analyst Michael Turrin on Thursday lowered the firm’s price target on Samsara Inc. to $26 from $31 (67 percent upside) and kept an Overweight post Q4 results. With its first earnings report as a public company, the analyst notes that Samsara delivered an “impressive” set of growth metrics. Given the sizeable market opportunity and Samsara’s differentiated technology and solution set,…
Here’s Why Wells Fargo Slashed Twitter’s Price Target by 40 Percent
Wells Fargo analyst Brian Fitzgerald lowered the firm’s price target on Twitter Inc to $42 from $70 and reiterated an Equal Weight rating on the shares. The price target implies an upside of 13.57 percent. The analyst notes that Twitter reported roughly in-line Q4 results. However, Twitter’s usage underperformed Street expectations, and guidance was mixed-adjusting for the sale/deprecation of the…
Read How Analysts View Alphabet Post Q4, Stock Split
February 3, 2022
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Analysts bumped up price targets on Alphabet Inc following Q4 Beat and stock split. Alphabet stock split adds pressure on Amazon.com Inc to follow suit, said Morgan Stanley. JPMorgan ups Alphabet target but ‘not chasing the shares.’ Jefferies analyst Brent Thill raised the PT to $3,600 from $3,500 (30.5 percent upside) and reiterated a Buy. Thill said “another strong quarter at scale” that…
Wells Fargo Beats Profit Estimates on Uptick in Loan Demand, Cost Cuts
January 16, 2022
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Wells Fargo & Co. on Friday beat analysts’ estimates for fourth-quarter profit as a rebound in U.S. economic growth encouraged more customers to take loans and the bank kept a tight lid on costs. Profit jumped 86 percent to $5.8 billion, or $1.38 per share, flattered by a $943 million gain from the sale of…
Man in Long Blond Wig Robs Wells Fargo in SD, 2nd Robbery at Same Location
SAN DIEGO—A man in a shoulder-length blond wig robbed a Wells Fargo bank in Scripps Ranch Nov. 1, the second robbery at the same location this year. According to the Federal Bureau of Investigation (FBI), the robber handed a note demanding money to a teller at the bank on Scripps Poway Parkway near Spring Canyon Road shortly…
Wells Fargo to Pay $37.3 Million to Settle US Claims It Fraudulently Overcharged Customers
NEW YORK—Wells Fargo & Co. will pay $37.3 million to settle U.S. government claims it fraudulently overcharged commercial clients on foreign exchange services, the latest in a string of scandals over the bank’s treatment of customers. Monday’s settlement resolves U.S. Department of Justice civil fraud charges against the fourth-largest U.S. bank, and includes a $35.3…
Elizabeth Warren Urges Federal Reserve to Break up Wells Fargo
Sen. Elizabeth Warren (D-Mass.) sent a letter to the Federal Reserve on Monday urging them to break up Wells Fargo and take “immediate action” regarding its “unethical and anti-consumer conduct”. In a letter to Fed Chairman Jerome Powell, Warren noted that widespread corruption within the scandal-plagued bank poses “substantial risks” to both consumers and the financial system, and asked…
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