WFC - Staying on Course

研报英文原文证据摘录

WFC - Staying on Course

Truist Securities

Equity Research Report June 16, 2026

FINANCIALS: Universal Banks Wells Fargo & Company (WFC)

WFC - Staying on Course John McDonald

212-303-4179

John.McDonald@truist.com

We review recent trends and key investor focal points for Wells Fargo ahead of 2Q results,

following management's recent appearances at industry conferences and an investor call

John Manahan we hosted with Head of IR John Campbell, who unpacked the underlying drivers of the 212-303-4158

John.Manahan@truist.com company's FY'26 outlook items and strategic priorities. Below we cover the setup for WFC,

and provide some reminders on the ROTCE improvement journey (see exhibits below) as

the bank works to improve returns towards the 17-18% medium term target (from 14.5% Peter Nicolo at 1Q). 212-303-4141

Peter.Nicolo@truist.com

Confident tone on NII: Management has maintained its outlook for +/- $50b in total NII

this year, with a bit of incremental confidence detected from the CEO and CFO at recent

Stock Rating BUY conference appearances. The outlook has assumed NIM compression on the year, with the most recent update pointing to ~3-4bps incremental compression q/q in 2Q and then Unchanged

"moderating" from there. The Street is roughly in-line with guidance modeling $49.8b (GAAP)

Price Target $90.00 in 2026. Loan growth got off to a strong start (+16% annualized q/q in 1Q) and could finish

Unchanged a bit better than the original mid-single-digit outlook embedded in the full year outlook.

Momentum continues to be driven C&I, auto, and a lean into card (which will seasonally move

up throughout the year). Residential mortgage runoff could moderate as well and maybe

start trending flattish, while CRE could also flip to a growth contributor. The lack of rate cuts