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Wells Fargo Results Were Terrible, But Here’s Why It’s Still My Top Pick

Jul. 15, 2020 2:40 PM ETWells Fargo & Company (WFC)
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Macro, Banks, Currencies

Seeking Alpha Analyst Since 2014

The Banking Analyst (tBA):

* CFA Charterholder with more than a decade's experience in finance

* More than six years' experience in covering banks in developed markets

* Currently covering the US banks exclusively

"Rule No. 1: Never lose money. Rule No. 2: Never forget rule No.1."

~ Warren Buffett


  • On the face of it, there’s hardly any positive in Wells Fargo’s 2Q results.
  • Margins contracted, non-interest income declined, while expenses jumped and credit costs spiked.
  • Capital ratios are solid.

On the face of it, there’s hardly any positive in Wells Fargo’s (WFC) 2Q results. But the stock has enormous upside (50-100%) and is still my top pick!


Analyst's Disclosure: I am/we are long WFC.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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