Barclays Cuts Wells Fargo Price Target Following Q1 Earnings Miss

Three Wall Street firms, including Barclays, trimmed their price targets for Wells Fargo in a single day following the Q1 earnings release on April 14. Barclays analyst Jason Goldberg lowered his target to $108 from $113 after the bank reported adjusted EPS of $1.56, missing the $1.58 consensus. The results were pressured by net interest income of $12.10 billion, which fell short of estimates and triggered a 6.70% drop in share price. Beyond the immediate earnings miss, there are growing concerns regarding the sustainability of the bank's Return on Tangible Common Equity (ROTCE) recovery story. This coordinated downward revision highlights broader anxieties over banking margins in the current macro environment. Market participants remain cautious as the firm navigates significant hurdles to its traditional lending income.