Wells Fargo's Strong Q3 2025 Performance and Strategic Advancements Justify Buy RatingWe lower the beta to 1.2 (prev. 1.4) to better reflect WFC’s profile after the removal of its asset cap. Our GGM valuation assumes 1.69x an ROE estimate of 15.5%. We expect the lifting of WFC’s asset cap will allow the bank to grow deposits, expand lending, and invest in markets and trading, strengthening its balance sheet flexibility and competitive position. However, headwinds will come from macroeconomic factors, which will impact the growth of non-interest income, particularly in IB and trading activities, and possibly lead to higher provisions. Results at a glance Source: Company, PSR The Positives + Non-interest income continues to grow.