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Wells Fargo & Co (NYSE:WFC) wowed Wall Street with a big second-quarter earnings beat, but Bank of America analyst Ebrahim Poonawala said this week’s Wells Fargo rally may be just getting started. Impressive Guidance: As impressive as Wells Fargo’s second-quarter numbers were, Poonawala said the market was likely more bullish on management’s commentary on the bank’s expectations to achieve a return on tangible common equity (ROTCE) of 10% in 2022 and a longer-term sustainable ROTCE of 15% as interest rates rise.
...read full article on Benzinga
