Evercore ISI lowered the firm’s price target on Wells Fargo (WFC) to $72 from $86 and keeps an Outperform rating on the shares following Q1 results. The firm said it remains constructive given idiosyncratic drivers, despite an estimate revision. Estimate revisions reflect a true-up to the less certain macro backdrop post tariffs, including the firm’s assumption of four 25 basis points Fed cuts in 2025 compared to two prior, Evercore told investors in a research note. Evercore cited intact and meaningful idiosyncratic drivers as the reasons it is still “constructive” on Wells Fargo.
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