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We are upgrading our rating on Wells Fargo as investors dump stock post-earnings

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Wells Fargo & Co News

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We don't like to see guidance misses, but bank interest income estimates depend on interest rates, which Wells Fargo has no real control over.

Shares of Wells Fargo took a hit on Friday after the bank reported a beat on earnings but delivered softer guidance due to the uncertain economy and interest-rate environment. We see the drop as a chance to buy more shares. Total revenue for the three months ended June 30 ticked up less than 1% over last year, to $20.69 billion, exceeding analysts' expectations of $20.29 billion, according to LSEG. Adjusted earnings of $1.

Compounding the sub-optimal update on net interest income, non-interest expense guidance was increased to roughly $54 billion, up from the approximately $52.6 billion previously forecast. That's also above the $53.11 billion expected.

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