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WFC

Wells Fargo

$51.40

-1.3 (-2.47%)

10:30
04/13/18
04/13
10:30
04/13/18
10:30

Wells Fargo says 'on track' for $4B in expense reductions by end of 2019

CFO John Shrewsberry says bank takes consent order seriously and will work to fully satisfy all the order's requirements. Says bank believes it can meet customers' financial needs and continue to deliver strong results without growing the balance sheet near term. Says earnings impact from managing within Consent Order asset cap was relatively modest in Q1 due to minimal actions taken in quarter. Says impact is expected to increase in subsequent quarters, but continues to estimate that the net income after tax impact will be within originally estimated $300M-$400M range for 2018. Expects originations to increase in Q2. Expects production margin to continue to decline in Q2. Expects seasonally higher personnel expenses to decline in Q2 but salary expenses to increase. Expects FY18 total expenses $53.5B-$54.5B, includes approximately $0.6B of typical operating losses, excludes litigation and remediation accruals and penalties. Expects efficiency initiatives to reduce expenses by $2B by end of 2018. Says on track for $4B savings target by end of 2019. Expects savings to go to the "bottom line" and be fully recognized in 2020. Says remains focused on returning more capital to shareholders.

  • 13

    Apr

  • 30

    May

WFC Wells Fargo
$51.40

-1.3 (-2.47%)

02/21/18
MSCO
02/21/18
NO CHANGE
Target $136
MSCO
Overweight
Morgan Stanley sees JPMorgan turning tax savings into market share gains
Morgan Stanley analyst Betsy Graseck raised her 2022 EPS estimate for JPMorgan (JPM) by 2%, or 34c, stating that she expects the bank to reach top 5 in the 15-20 new markets it previously said it will use a part of its tax savings reinvestments to enter. The 34c in EPS she estimates JPMorgan can add by building out its presence in 20 new markets by 2022 is "far more compelling" than using the same amount of money to buy back stock, which would increase 2022 EPS only 5c, said Graseck. The analyst sees about a third of JPMorgan's new deposit share gains to come from Wells Fargo (WFC) and cut her 2022 EPS forecast for the latter by 1.2%. Graseck keeps an Overweight rating on JPMorgan ahead of the bank's February 27 investor day and increased her price target on the stock to $136 from $133.
03/06/18
RHCO
03/06/18
INITIATION
Target $25
RHCO
Buy
Cardlytics initiated with a Buy at SunTrust
SunTrust analyst Youssef Squali initiated Cardlytics (CDLX) with a Buy rating and a price target of $25. Squali contends that the discount with which this "leader in the $11B native ad bank market trade" should close once investors become familiar with its "limited inventory, large partnerships and lack of easily identifiable publicly-traded comps", looking beyond the company's longer sales cycle. The analyst also points to Cardlytics pilot partnership with Wells Fargo (WFC) in first party data collection, which could roll out nationwide in 2019 and create more significant revenue growth.
04/05/18
UBSW
04/05/18
UPGRADE
Target $60
UBSW
Buy
Wells Fargo upgraded to Buy from Neutral at UBS
UBS analyst Raul Martinez upgraded Wells Fargo (WFC) to Buy while lowering his price target for the shares to $60 from $63. The stock's "substantial" underperformance has created a buying opportunity, Martinez tells investors in a research note. He believes the market is discounting a "sizable" reduction in earnings power versus current estimates. The right sizing of Wells' expense base and capital optimization should eventually help drive improved earnings and profitability, Martinez contends. The analyst this morning also upgraded shares of Citi (C) to Buy from Neutral.
04/05/18
04/05/18
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Merck (MRK) upgraded to Overweight from Equal Weight at Barclays with analyst Geoffrey Meacham saying he believes the company will continue to take share in first-line lung cancer, driven by positive KN-189 and KN-042 data. 2. Acuity Brands (AYI) upgraded to Outperform from Market Perform at JMP Securities with analyst Joseph Osha saying he believes the stock is finally trading at a "reasonable valuation based on reasonable expectations." 3. AMD (AMD) upgraded to Buy from Hold at Stifel with analyst Kevin Cassidy citing valuation and the company's margin expansion potential. 4. Tiffany (TIF) upgraded to Buy from Hold at Loop Capital with analyst Laura Champine saying her initial meeting with the company's new CEO Alessandro Bogliogo added to her confidence. 5. Citi (C) and Wells Fargo (WFC) were upgraded to Buy from Neutral at UBS. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

ADBE

Adobe

$242.33

-6.56 (-2.64%)

11:55
10/15/18
10/15
11:55
10/15/18
11:55
Conference/Events
Adobe to hold a conference »

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  • 15

    Oct

KRYS

Krystal Biotech

$19.73

4.24 (27.37%)

11:52
10/15/18
10/15
11:52
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11:52
Recommendations
Krystal Biotech analyst commentary  »

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HBAN

Huntington Bancshares

$14.35

-0.02 (-0.14%)

11:50
10/15/18
10/15
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11:50
Options
Huntington Bancshares attracts call buyers »

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11:50
10/15/18
10/15
11:50
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11:50
General news
Treasury's $84 B 3- and 6-month bill sales were mixed, but generally lackluster »

Treasury's $84 B 3-…

OXY

Occidental Petroleum

$73.69

-3.24 (-4.21%)

11:48
10/15/18
10/15
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11:48
Hot Stocks
Occidental confirms it will no longer pursue contract extension for ISND »

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  • 06

    Nov

CENX

Century Aluminum

$10.30

0.14 (1.38%)

11:45
10/15/18
10/15
11:45
10/15/18
11:45
Options
Century Aluminum call volume above normal and directionally bullish »

Bullish option flow…

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  • 25

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11:45
10/15/18
10/15
11:45
10/15/18
11:45
General news
Former Fed Chair Yellen said 3% growth is great »

Former Fed Chair Yellen…

DUK

Duke Energy

$80.57

0.6 (0.75%)

11:42
10/15/18
10/15
11:42
10/15/18
11:42
Hot Stocks
Duke Energy announces plans for new renewable energy program in South Carolina »

Duke Energy has proposed…

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  • 02

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ENDP

Endo

$17.62

0.11 (0.63%)

11:35
10/15/18
10/15
11:35
10/15/18
11:35
Options
Endo put volume heavy and directionally bearish »

Bearish flow noted in…

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  • 08

    Nov

  • 27

    Nov

11:34
10/15/18
10/15
11:34
10/15/18
11:34
General news
6-Month Bill Auction Total Amount data reported »

6-Month Bill Auction…

11:34
10/15/18
10/15
11:34
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11:34
General news
3-Month Bill Auction Total Amount data reported »

3-Month Bill Auction…

LTHM

Livent

$16.11

-0.14 (-0.86%)

11:31
10/15/18
10/15
11:31
10/15/18
11:31
Initiation
Livent initiated  »

Livent initiated with a…

03/08/13
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PX

Praxair

$158.82

2.62 (1.68%)

, LNEGY

Linde

$0.00

(0.00%)

11:27
10/15/18
10/15
11:27
10/15/18
11:27
Hot Stocks
Linde, Praxair announce squeeze-out of remaining Linde shareholders »

Linde (LNEGY) and Praxair…

PX

Praxair

$158.82

2.62 (1.68%)

LNEGY

Linde

$0.00

(0.00%)

03/08/13
Wedge Partners
03/08/13
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03/06/13
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03/06/13
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CVS

CVS Health

$73.76

-0.73 (-0.98%)

11:25
10/15/18
10/15
11:25
10/15/18
11:25
Conference/Events
Economic Club of Washington, D.C. to hold luncheon meeting »

Luncheon Meeting with…

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  • 15

    Oct

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S

Sprint

$6.35

-0.04 (-0.63%)

11:20
10/15/18
10/15
11:20
10/15/18
11:20
Options
Size ratio spread in Sprint »

Size ratio spread in…

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  • 12

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  • 13

    Nov

11:20
10/15/18
10/15
11:20
10/15/18
11:20
General news
FX Action: USD-JPY »

FX Action: USD-JPY has…

$NSD

NASDAQ Market Internals

$0.00

(0.00%)

11:17
10/15/18
10/15
11:17
10/15/18
11:17
Technical Analysis
NASDAQ market internals summary »

Volume is average for…

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HBAN

Huntington Bancshares

$14.29

-0.08 (-0.56%)

11:17
10/15/18
10/15
11:17
10/15/18
11:17
Technical Analysis
Technical Take: Huntington Bancshares breaks support »

The shares are down 0.7%…

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  • 23

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PAR

PAR Technology

$20.31

-0.69 (-3.29%)

11:16
10/15/18
10/15
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Hot Stocks
Voss Capital supports ADW's call for PAR Technology board to pursue alternatives »

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$NYE

NYSE Market Internals

$0.00

(0.00%)

11:16
10/15/18
10/15
11:16
10/15/18
11:16
Technical Analysis
NYSE market internals summary »

Volume is below average…

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WB

Weibo

$59.01

-0.67 (-1.12%)

11:15
10/15/18
10/15
11:15
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11:15
Options
Weibo put volume heavy and directionally bearish »

Bearish flow noted in…

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11:15
10/15/18
10/15
11:15
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11:15
General news
Breaking General news story  »

3-Month Bill Auction to…

11:15
10/15/18
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11:15
General news
Breaking General news story  »

6-Month Bill Auction to…

11:13
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10/15
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11:13
Hot Stocks
Breaking Hot Stocks news story  »

Bio Rad Laboratories…

11:10
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General news
Treasury announced a $25 B 8-week bill for the inaugural sale Tuesday »

Treasury announced a $25…

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