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Research

Research Alert: CFRA Keeps Buy Opinion On Shares Of Wells Fargo & Company

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:With higher inflation expectations and a weakening low-end consumer, we cut our 12-month target price by $10 to $108, representing 13.3x our 2027 EPS estimate, above the five-year historical average of 11.5x, given the removal of the bank's asset cap. We raise our 2026 EPS view by $0.08 to $7.05 and increase 2027's by $0.23 to $8.13. Commentary during the Q1 earnings call disappointed as management highlighted that recent margin headwinds will likely persist through Q2. However, with WFC closing its final outstanding consent order last month, the bank is well-positioned to capture market share by pursuing low-hanging fruit. Encouraging momentum has emerged in loan balances, with loan growth accelerating for six consecutive quarters (+10% Y/Y in Q1), while deposit growth (+6%) reached its highest level since 2021. We expect this trajectory to continue and are encouraged by WFC's strategic expansion into high-yielding credit card loans, including the launch of two new travel-focused rewards cards in Q1.

$WFC
US Markets

Wells Fargo First-Quarter Revenue Trails Views; CEO Sees Delayed Oil Price Shock Impact

Wells Fargo's (WFC) first-quarter revenue missed market expectations as Chief Executive Charlie Scharf said there will likely be a lag in the pass-through of higher oil prices.Consolidated sales increased 6% year over year to $21.45 billion, but fell short of the FactSet-polled consensus estimate of $21.79 billion. The lender posted earnings of $1.60 per share for the March quarter, up from $1.39 a year ago and ahead of Wall Street's $1.58 view.Shares of the bank were down 4.9% in Tuesday trade."While markets have been volatile, we still see continued resiliency in the underlying economy and the financial health of the consumers and businesses we serve remains strong, though the impact of higher oil prices will likely take some time to materialize," Scharf said in a statement.Energy prices have soared in the aftermath of the US-Israel war with Iran that has curtailed shipments through the Strait of Hormuz. While the US and Iran have agreed to a temporary ceasefire, the two sides were unable to reach a deal during negotiations in Pakistan over the weekend.JPMorgan Chase (JPM) and Goldman Sachs (GS) have posted first-quarter results above market estimates. Their executives flagged potential macro-level risks, including those stemming from geopolitical tensions, even though they stressed that the underlying economy remained resilient.Wells Fargo's net interest income rose 5% year over year to $12.1 billion, while noninterest income jumped 8% to $9.35 billion.Corporate and investment banking revenue increased 4% to $5.28 billion as gains in investment baking were countered by a decline in the commercial real estate business. Consumer banking and lending revenue increased 7% to $10 billion, while commercial banking added 7%.Price: $82.29, Change: $-4.36, Percent Change: -5.03%

$GS$JPM$WFC
Wire

Top Midday Stories: Wells Fargo Shares Fall After Q1 Revenue Miss; Amazon to Acquire Globalstar for $90 a Share

All three major US stock indexes were up in late-morning trading Tuesday, as many of the big banks revealed their earnings results.In company news, Wells Fargo (WFC) reported Q1 earnings Tuesday of $1.60 per diluted share, up from $1.39 a year earlier and above the FactSet consensus of $1.58. First-quarter revenue was $21.45 billion, up from $20.15 billion a year ago but below the FactSet consensus of $21.79 billion. Wells Fargo shares were down 5.2% around midday.Amazon (AMZN) said Tuesday it has agreed to acquire Globalstar (GSAT) in a deal valuing the company at $90 per share. The acquisition, which is expected to close in 2027, will strengthen Amazon's low-Earth orbit network, Amazon Leo, enabling direct-to-device services that will expand cellular coverage, the company said. Amazon shares were up 3.3%, while Globalstar shares were up 10.5%.JPMorgan Chase (JPM) reported Q1 earnings Tuesday of $5.94 per diluted share, up from $5.07 a year earlier and above the FactSet consensus analyst estimate of $5.45. First-quarter net revenue was $49.84 billion, up from $45.31 billion a year ago and above the FactSet consensus of $49.13 billion. JPMorgan shares were down 0.5%.Citigroup (C) reported Q1 net income Tuesday of $3.06 per diluted share, up from $1.96 a year earlier and above the FactSet consensus of $2.63. First-quarter revenue was $24.63 billion, up from $21.60 billion a year ago and above the FactSet consensus of $23.53 billion. Citigroup shares were up 2.5%.Lucid (LCID) said Tuesday it will receive new investments from an affiliate of Saudi Arabia's Public Investment Fund and Uber Technologies (UBER). Shares of Lucid were down 4.4%, while Uber shares were up 0.3%.Price: $312.52, Change: $-1.16, Percent Change: -0.37%

$AMZN$C$GSAT$JPM$LCID$UBER$WFC
Wire

Update: Wells Fargo Shares Fall After Q1 Results

(Updates to add the latest stock move in the headline and the first paragraph.)Wells Fargo (WFC) shares were down more than 4% in early Tuesday trading after the company posted its results for Q1.The company reported quarterly earnings of $1.60 per diluted share, up from $1.39 a year earlier.Analysts polled by FactSet expected $1.58.Revenue for the quarter ended Mar 31 was $21.45 billion, compared with $20.15 billion a year earlier.Analysts surveyed by FactSet expected $21.79 billion.Price: $82.71, Change: $-3.93, Percent Change: -4.54%

$WFC
Sectors

Sector Update: Financial Stocks Decline Premarket Tuesday

Financial stocks were declining premarket Tuesday, with the State Street Financial Select Sector SPDR ETF (XLF) down 0.1%.The Direxion Daily Financial Bull 3X Shares (FAS) was 0.1% lower and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was up 0.2%.Wells Fargo (WFC) shares were down more than 3% after the company reported higher Q1 earnings and revenue, with revenue missing analysts' expectations.Citigroup (C) stock was up more than 1% after the company posted higher Q1 net income and revenue.BlackRock (BLK) shares were up more than 2% after the company reported higher Q1 adjusted earnings and revenue.

$BLK$C$FAS$FAZ$WFC$XLF
Sectors

Sector Update: Financial

Financial stocks were declining premarket Tuesday, with the State Street Financial Select Sector SPDR ETF (XLF) down 0.2%.The Direxion Daily Financial Bull 3X Shares (FAS) was 0.5% lower and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was up 0.8%.Wells Fargo (WFC) shares were down more than 2% after the company reported higher Q1 earnings and revenue, with revenue missing analysts' expectations.

$WFC
US Markets

Stocks Rise Pre-Bell Amid Hopes of Renewed US-Iran Peace Talks; Big Bank Earnings, PPI Data on Deck

US equity futures were trending higher on Tuesday amid media reports that the US and Iran may revive their peace talks, while investors await the latest financial results of some of Wall Street's largest banks and data on wholesale prices.The S&P 500 rose 0.2%, the Dow Jones Industrial Average edged up 0.1% and the Nasdaq added 0.4% in premarket activity. The indexes finished the previous trading session higher, with the Nasdaq recording gains for the ninth consecutive day.The US and Iran are considering holding another round of negotiations before their current two-week ceasefire expires next week, Bloomberg News reported Tuesday, citing people familiar with the matter.President Donald Trump reportedly said Monday that "the right people" have reached out to Washington "and they want to work a deal." Delegations from the US and Iran were unable to reach a deal during negotiations in Pakistan over the weekend.In an interview with Fox News, Vice President JD Vance said it was up to Iran to make the next move on peace talks with the US, according to CNBC. "Whether we have further conversations, whether we ultimately get to a deal, I really think the ball is in the Iranian court, because we put a lot on the table," Vance reportedly said.The US navy on Monday started a blockade of Iranian ports in the crucial Strait of Hormuz.West Texas Intermediate crude oil declined 2.6% to $96.53 a barrel before the opening bell, while Brent decreased 1.2% to $91.88.The International Energy Agency said Tuesday it expects oil demand to fall by 80,000 barrels per day this year as the Middle East war "upends" its global outlook. "Demand destruction will spread as scarcity and higher prices persist," the IEA said.On Monday, the Organization of the Petroleum Exporting Countries lowered its second-quarter oil demand forecast due to the Middle East conflict, but maintained its full-year estimates amid expectations for a rebound in the second half.JPMorgan Chase (JPM), Wells Fargo (WFC) and Citigroup (C) are some of the banking giants scheduled to report their latest quarterly earnings before the bell, along with Johnson & Johnson (JNJ), BlackRock (BLK) and Albertsons (ACI).Goldman Sachs (GS) posted first-quarter results above market estimates on Monday, while Chief Executive David Solomon said a protracted Middle East conflict could pose upside risks to inflation. Bank of America (BAC) and Morgan Stanley (MS) post their results on Wednesday.Last month's producer price index, a measure of wholesale prices, is slated to be released at 8:30 am ET. Last week, government data showed that consumer inflation accelerated to its highest monthly reading in nearly four years in March as the Middle East conflict sent energy prices sharply higher.Treasury yields were down in premarket action, with the two-year rate retreating 1.9 basis points to 3.76% and the 10-year rate off 1.6 basis points to 4.28%.Federal Reserve Governor Michael Barr is set to speak at 12:45 pm, while Chicago Fed President Austan Goolsbee speaks earlier at 12:15 pm.Shares of Oracle (ORCL) added 4.2% pre-bell after closing the previous trading session up 13% as the company said it introduced artificial intelligence-focused updates to its utilities software suite. Avanos Medical (AVNS) surged 68% after the firm agreed to be acquired by American Industrial Partners affiliates in a deal worth $1.27 billion.Gold inclined 0.8% to $4,804 per troy ounce pre-bell, while bitcoin advanced 2% to $74,609.

Dow JonesNasdaq CompositeS&P 500$ACI$AVNS$BAC$BLK$C$GS$JNJ$JPM$MS$ORCL$WFC
Research

Research Alert: Wfc Q1 2026 Results: Earnings Miss On Weaker-than-expected Net Interest Income

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:WFC posted mixed Q1 2026 results with operating EPS of $1.56 vs. $1.28 the prior year, missing consensus by $0.04 due to weaker-than-expected 5% Y/Y net interest income growth and 20 bps margin contraction to 2.47%. Balance sheet activity was excellent with loan growth accelerating to 10% Y/Y reaching $996B and deposits rising 6% Y/Y to $1.415B, capitalizing on post-asset cap removal opportunities. We expect this loan growth momentum to continue through 2026, noting balances rose just 1% per quarter in 2025. Fee income grew healthy 8% Y/Y due to investment advisory fees (+11%) and modest investment banking growth (+3%). Credit quality remained stable with net charge-offs at 0.45% despite 22% Y/Y increase in provisions to $1.1B, primarily reflecting higher loan balances rather than deteriorating trends. Operational efficiency improved with the efficiency ratio reaching 67% vs 69% prior year, while capital deployment continued with $4.0B in share repurchases, though the CET1 ratio declined to 10.3% from 11.1%.

$WFC
US Markets

Nasdaq Extends Rally to 9th Day as Tech Stocks Jump

The Nasdaq Composite advanced for the ninth straight session on Monday as US equity markets benefited from a jump in technology stocks.The Nasdaq climbed 1.2% to 23,183.7, while the S&P 500 added 1% to 6,886.2. The Dow Jones Industrial Average rose 0.6% to 48,218.3. Barring utilities and consumer staples, all sectors ended in the green, led by tech and financials.Oracle (ORCL) shares surged nearly 13%, the top gainer on the S&P 500. The company said it introduced artificial intelligence-focused updates to its utilities software suite at its customer edge summit, targeting improvements in billing, grid operations, and asset management.ServiceNow (NOW), Dell Technologies (DELL), Salesforce (CRM) and Microsoft (MSFT) were among tech stocks that registered gains.US earnings growth expectations appear to have shrugged off uncertainty around the Iran war, with markets betting on stronger corporate results this year than those projected before the war began, BlackRock Investment Institute said in a note on Monday.BlackRock upgraded its rating on US stocks to overweight from neutral, saying the Middle East conflict will likely drive limited economic damage.Oil prices, which jumped above $100 per barrel earlier on Monday amid a US blockade of maritime traffic around Iran's ports, pared gains, with West Texas Intermediate crude oil last up 1.3% at $97.83. Brent advanced 3.1% to $98.18.The blockade started at 10 am ET Monday. The development came after the US and Iran failed to reach a deal during negotiations in Pakistan over the weekend, fueling concerns over an already fragile ceasefire between Washington and Tehran.US President Donald Trump said Iran called this morning and that "they'd like to work a deal," according to a Reuters report. Despite the failed peace talks, a two-week ceasefire announced last week still holds.Trump's remarks come as Iran has vowed to retaliate following the US blockade, CNN reported. The Iran-controlled strait has been effectively shut since the war began at the end of February.Trump is mulling over limited strikes against Iran following the failed negotiations, The Wall Street Journal reported, citing people familiar with the situation."As the conflict with Iran enters its seventh week, persistent concern about the time it will take to arrive at an effective resolution to the conflict will, however, likely remain for now as a negative overhang for market participants to navigate," said John Stoltzfus, chief investment strategist at Oppenheimer Asset Management.Meanwhile, the Organization of the Petroleum Exporting Countries lowered its second-quarter oil demand forecast due to the Middle East conflict, but maintained its full-year estimates amid expectations for a rebound in the second half.US Treasury yields were lower, with the 10-year rate last down 4.7 basis points at 4.29% and the two-year rate dropping 2.7 basis points to 3.78%.In company news, Goldman Sachs (GS) on Monday posted first-quarter results above market estimates, while Chief Executive David Solomon said a protracted Middle East conflict could pose upside risks to inflation. The lender's shares fell 1.9%, the worst performer on the Dow.JPMorgan Chase (JPM), Wells Fargo (WFC), and Citigroup (C) are scheduled to release their quarterly results on Tuesday, while Bank of America (BAC) and Morgan Stanley (MS) will announce their results on Wednesday. Outside the banking sector, Johnson & Johnson (JNJ), Netflix (NFLX) and PepsiCo (PEP) are set to release their results this week.In economic news, US existing home sales decreased in March as softening job growth and weaker consumer confidence continued to deter potential buyers, data from the National Association of Realtors showed.Gold was last down 0.4% at $4,766.30 per troy ounce, while silver dropped 1.1% to $75.67 per ounce.

Dow JonesNasdaq CompositeS&P 500$BAC$C$CRM$DELL$GS$JNJ$JPM$MS$MSFT$NFLX$NOW$ORCL$PEP$WFC
US Markets

Stock Futures Down, Oil Rises as US Plans Blockade of Iranian Ports in Strait of Hormuz After Talks Fail

The benchmark US stock measures were pointing lower before the opening bell Monday, while oil prices rose as the US navy plans to begin a blockade of Iranian ports in the crucial Strait of Hormuz after Washington and Tehran failed to reach a conclusive agreement to end their war.The S&P 500 and the Nasdaq declined 0.6% each in premarket activity, while the Dow Jones Industrial Average was off 0.5%. The S&P 500 and the Dow finished Friday's trading session in the red, while the Nasdaq posted its eighth consecutive day of gains.The US Central Command announced Sunday that its forces will begin implementing a blockade of all maritime traffic entering and exiting Iranian ports on Monday at 10 am ET."The blockade will be enforced impartially against vessels of all nations entering or departing Iranian ports and coastal areas, including all Iranian ports on the Arabian Gulf and Gulf of Oman," according to a statement. "CENTCOM forces will not impede freedom of navigation for vessels transiting the Strait of Hormuz to and from non-Iranian ports."Earlier on Sunday, President Donald Trump said in a social media post that the US navy will block "any and all ships trying to enter, or leave, the Strait of Hormuz," the world's most important chokepoint for crude flows."I have also instructed our navy to seek and interdict every vessel in international waters that has paid a toll to Iran," according to Trump. "Other countries will be involved with this blockade. Iran will not be allowed to profit off this illegal act of extortion."Trump's statement came after delegations from the US and Iran were unable to reach a deal to end their war during negotiations in Pakistan over the weekend. US Vice President JD Vance, who led the US delegation, said the US didn't receive a firm commitment from Iran to stop its pursuit of nuclear weapons, according to multiple media outlets.Iran's parliamentary speaker Mohammad Bagher Ghalibaf said in a post on X that the US team "failed to gain the trust of the Iranian delegation in this round of negotiations."West Texas Intermediate crude oil jumped 7.8% to $104.05 a barrel before the open, while Brent advanced 7.1% to $101.93.Meanwhile, Trump on Sunday reportedly threatened to implement a 50% tariff on China, following speculation that Beijing is preparing to deliver a shipment of new air defense systems to Iran, according to CNBC. "If we catch them doing that, they get a 50% tariff, which is a staggering - that's a staggering amount," the US leader said.Traders await the latest financial results of Wall Street's biggest banks this week, beginning with Goldman Sachs (GS) on Monday. JPMorgan Chase (JPM), Bank of America (BAC), Wells Fargo (WFC), Morgan Stanley (MS) and Citigroup (C) are all due to post their quarterly earnings later in the week, along with major corporations, including Johnson & Johnson (JNJ), Netflix (NFLX) and PepsiCo (PEP).US consumer inflation accelerated to its highest monthly reading in nearly four years in March as the Middle East conflict sent energy prices sharply higher, official data showed Friday. Consumer sentiment hit the lowest on record this month, reflecting heightened worries about higher prices and the overall economic fallout from the Middle East conflict, according to a survey by the University of Michigan last week.Treasury yields were trending upwards in premarket action, with the two-year rate rising 1.5 basis points to 3.82% and the 10-year rate inclining 1.6 basis points to 4.33%.Monday's thin economic calendar has the existing home sales report for March at 10 am. Federal Reserve Governor Stephen Miran is scheduled to speak at 6:20 pm.Gold dropped 0.9% to $4,744 per troy ounce pre-bell, while bitcoin decreased 0.5% to $70,791.

Dow JonesNasdaq CompositeS&P 500$BAC$C$GS$JNJ$JPM$MS$NFLX$PEP$WFC

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