Wells Fargo

WFC · NYSE

$82.20+$0.40 (+0.49%)TodayMarket closed · Oct 20, 7:59 PM ET

Prev close $81.80

WFC analyst rating

BuyConsensus of 21 analysts over the last 12 months. 62% rate it a buy.

Strong buy0
Buy13
Hold8
Underperform0
Sell0

12-month price target · 24 analysts

Average $102.51 (+24.7% upside)

Low: $90.90
Now: $82.20
High: $113.40

Upgrades and downgrades

The latest rating actions, newest first

WFC analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Citigroup	Oct 14, 2026	Maintains	Neutral	$90.00 → $88.00	77%
Keefe, Bruyette & Woods	Oct 14, 2026	Maintains	Market Perform	$94.00 → $90.00	66%
Morgan Stanley	Oct 14, 2026	Maintains	Overweight	$102.00 → $101.00	59%
RBC Capital	Oct 14, 2026	Maintains	Outperform	$100.00 → $92.00	67%
TD Cowen	Oct 8, 2026	Initiates	Buy	$95.00	50%
UBS	Oct 5, 2026	Maintains	Buy	$104.00 → $102.00	50%
Goldman Sachs	Oct 5, 2026	Maintains	Buy	$107.00 → $96.00	67%
Morgan Stanley	Oct 5, 2026	Upgrade	Equal-Weight → Overweight	$102.00	59%
JP Morgan	Oct 2, 2026	Maintains	Neutral	$95.50 → $91.50	46%
Evercore ISI Group	Oct 1, 2026	Maintains	Outperform	$95.00 → $90.00	49%

The case for and against

Updated Oct 16, 2026

Bull case

Wells Fargo is supported by a large, diversified franchise with a $2.25 trillion balance sheet, 4,079 branches, and the third-highest U.S. deposit market share, giving it durable funding and a strong retail and middle-market footprint. Its 3Q26 results showed EPS of $1.87, average earning assets of $2.06 trillion, and improved credit quality with NPAs of $7.36 billion and an NPA ratio of 0.70%, while core ROE, ROTCE, and ROAA remained solid at 13.8%, 16.3%, and 1.05%. With the asset cap removed in 2025, management can finally deploy excess liquidity across consumer, commercial, CIB, and wealth businesses, and the firm’s efficiency gains, 8.0% headcount reduction, and continued capital returns through dividends and buybacks support the bullish view.

Bear case

Wells Fargo is facing a deteriorating earnings mix as net interest margin held at 2.43% sequentially but fell 18 bps year over year to 2.43%, while noninterest income declined to $9.35 billion from $10.31 billion, underscoring pressure from lower trading, mortgage banking, and equity gains. Credit trends are not yet alarming, but rising net charge-offs to $983 million and a 0.38% charge-off ratio, alongside higher commercial losses, suggest the bank is vulnerable if macro conditions weaken further. Despite the end of the asset cap in 2025, the 10.0% CET1 ratio and 3.6% sequential decline in tangible book value per share to $44.46 limit near-term flexibility, supporting a cautious outlook.

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