WFC surged higher in October after the bank reported its third-quarter earnings ahead of expectations, a common theme in the sector recently. WFC repurchased $3.5 billion of common stock in the third quarter, bringing its nine-month total to more than $15 billion, or a 60% increase from a year ago – a strong tailwind for the share price.
- Adjusted EPS of $1.52 vs. $1.28 expected, although revenue of $20.37 billion was a slight miss versus $20.42 billion expected.
- We like WFC, but again, the risk/reward ratio isn’t exciting at current levels as we head into Christmas, with plenty of good news already in the share price.
- After its great result we like WFC from an entry perspective on dips back towards $US63 – MM owns WFC in its International Companies Portfolio.
MM is long and bullish WFC
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