Wells Fargo (NYSE:WFC) shares plummeted 5% in Thursday's intraday trading, reflecting investor unease ahead of the bank's first-quarter earnings release scheduled for Friday morning. The sharp decline comes as market participants anxiously await the financial results, with analysts projecting earnings of $1.23 per share on revenue of $20.76 billion.
The upcoming earnings report has drawn significant attention from Wall Street, with several analysts adjusting their outlooks in recent weeks. Piper Sandler upgraded the stock to Overweight with a $77 price target, while Morgan Stanley maintained an Overweight rating and raised its target to $80. However, not all analysts share this optimism, as evidenced by Citigroup's decision to maintain a Neutral rating while reducing its price target to $78.
Adding to the mixed sentiment, HSBC adjusted its price target on Wells Fargo downward from $79 to $73, maintaining a Hold rating. This adjustment, combined with the varied analyst perspectives, may be contributing to investor uncertainty. Despite the current downturn, the average analyst rating for Wells Fargo remains Overweight, with a mean price target of $81.74, suggesting potential upside once the earnings uncertainty clears.
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