In short: Cited as evidence, not a stance — its analysts raised their Meta price target from $640 to $796 after the Muse launch ("Meta now has a story to tell").
8:42So even though the fundamentals haven't changed, Meta hasn't increase their earnings per share estimates or anything like that, this changes the story and the sentiment that's attached to this company. And now the analysts are jumping on board. We have Wells Fargo raising their price target from 640 to 796. They say this is following the successful model release and early traction of the MetaMuse assistant.
In short: Cited as evidence, not a stance — one of the banks saying deposit rates are going up "after six quarters of falling interest expense. That's a remarkable turn."
20:44You had a couple banks already, Wells Fargo, Fifth Third, couple others, Huntington, all talking about the fact that their deposit rates are going up after six quarters of falling interest expense. That's a remarkable turn. We're going to see more of that. So over time, I think that investors are going to have to try and sort all of this out and figure out what they do with their money, how they allocate new cash that's coming in.
In short: Link's new buy — back into her former largest position. "I think the turnaround is starting to become evident. The asset cap was lifted a year ago. It has taken them this long to really build a momentum in their business… at Barclays this week… gaining market share in investment banking in M&A, fee growth is accelerating. Most importantly, NIM, net interest margins, have bottomed and net interest income is growing and that is by definition positive operating leverage… this stock has actually lagged the Big 5 by 14% year to date. It's down 2% on the year, trading at 1.4 times book, 11 times earnings. I think they're back." (On Jul 13 it was only "back on her radar.")
For years regulators capped how large Wells Fargo's balance sheet could grow, as punishment for its fake-accounts scandal. That cap was lifted a year ago, and Link says the benefits are finally visible: it is winning investment-banking business, fees are growing faster, and its net interest margin — the gap between what it earns on loans and pays on deposits — has stopped shrinking.
When revenue grows faster than costs, profits grow faster still ("positive operating leverage"). Yet the stock has trailed the other big banks by 14% this year and trades at about 11 times earnings. She sold it after two bad quarters when it was her largest holding; now she is buying it back.
In short: Contrast only: "If you go to J.P. Morgan or Wells Fargo or any of the other big banks, it's 0.01" on checking. No view on the stock.
In short: On Weiss's watch list as the hike approaches. Context is a Wells Fargo (Mike Mayo) note naming JPMorgan, Bank of America and Citi as beneficiaries of a hike with the 10-year above 5% for the first time since October 2023. Weiss: "I own Goldman Sachs, the only one I own, I am looking at Wells Fargo." Thomas adds the caveat for the whole group: banks usually do well when the Fed hikes, "but a flatter yield curve is problematic for banks over the long term because it crimps their net interest margin."
In short: Third name on the topping-financials list: "Goldman Sachs, Morgan Stanley, Wells Fargo all look like they're topping." Banks are also part of what has been rallying to fill the semis gap — which in his reading is precisely why the group is late, not early.
Wells Fargo is a large US commercial bank — deposits, mortgages, consumer and business lending.
It is the third name on the topping-financials list and receives no separate commentary. It is included because the sector call is the point: he sees financials as a group rolling over, and Wells Fargo is one of the charts that produced that conclusion.
The same rotation logic applies. Banks caught a bid while semiconductors were sold off, and in his reading that inflow is what has stretched the group rather than what supports it.
8:49On the Macro Dirt podcast that I do with Tony Greer, I talked about financials topping a couple weeks ago. I talked about how JP Morgan was a pretty good short. Goldman Sachs, Morgan Stanley, Wells Fargo all look like they're topping. Healthcare, Johnson and Johnson, and also Nvidia, AMD, couple of other semi names — I'm seeing some charts that are bottoming interestingly enough.
In short: Sechan "trimmed a little WFC going into it" — funding the Morgan Stanley add for its greater capital-markets exposure. A relative trim within an overweight-financials tilt, not a negative call on the name.
In short: Link doesn't own it anymore (it was once her largest position) but it's back "on my radar screen": down ~6% on the year and lagging after two disappointing quarters, but NII is "probably bottoming" this quarter and the asset-cap lift is "a very big deal" that should drive much better growth — an interesting one if it delivers tomorrow.
Wells Fargo used to be Stephanie Link's largest position; she sold out after two disappointing quarters but it's now "back on my radar." The turn she's watching: net interest income (the profit banks make on lending, "NII") is probably bottoming this quarter, and regulators lifting the cap on how big Wells can grow its balance sheet (the "asset cap") is a "very big deal" that should drive much better growth. The stock is down ~6% on the year and has lagged — so if it delivers in tomorrow's report, she finds it interesting.
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Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.