Wells Fargo & Company (WFC) is set to report its first-quarter results on April 12. Wall Street is bracing for the bank’s earnings and revenue to decline year-over-year. In this piece, I have delved into why it could be prudent to steer clear of the stock now.
For the first quarter, WFC’s EPS and revenue are expected to decline 11.4% and 2.8% year-over-year to $1.09 and $20.15 billion, respectively. The company has a solid earnings history, beating the consensus estimate in each of the trailing four quarters. WFC’s stock has gained 17.4% year-to-date and 52.5% over the past year to close the last trading session at $57.79.
