Wells Fargo shares dipped 2% after the bank reported mixed third-quarter results, with revenue up 2% to $21.9 billion, below the $22.3 billion consensus. Earnings per share rose 13% to $1.87, beating the $1.85 consensus. Net interest margin stabilized at 2.43%, above the expected 2.41% and ending four straight quarters of decline, while ROTCE rose to 16.3%. The efficiency ratio was 63%, slightly worse than expected, and tangible book value per share reached $44.46, below expectations. The analyst upgraded the stock to buy-equivalent (from 2 to 1), kept a $95 price target, and said the roughly 6% pullback since early September could present a buying opportunity.
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