WFC reported strong 3rd quarter revenue of $US20.9bn, an impressive +7% increase on the same period last year. The gain was propelled by an 8% rise in net interest income to $13.1 billion, primarily attributed to higher interest rates. Profits increased +61% year over year to $US5.7bn, affirming the bank’s growth trajectory – nothing not to like in these numbers apart from what comes next if/when bond yields stabilise or decline.
- We are targeting a test of the $US46-48 area into Christmas, or 10-15% higher – we hold WFC in our International Companies Portfolio.
MM is cautiously bullish toward WFC
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