Is Wells Fargo & Company (WFC) one of Goldman Sachs Top Bank Stocks Despite Price Target Cut?

Wells Fargo & Company (NYSE:WFC) is one of Goldman Sachs top bank stocks to buy. On April 15, Keefe Bruyette & Woods reiterated a Market Perform rating on Wells Fargo & Company (NYSE:WFC) but cut the price target to $98 from $101.

The price target cut was due to Wells Fargo’s first-quarter net interest income missing estimates, even as the bank maintained its 2026 guidance despite high-rate expectations. Net interest income in Q1 rose 5% year-over-year to $12.1 billion, driven by higher deposit balances and lower deposit costs. The bank also improved in markets, with higher loan and investment securities balances.

Total revenue in the first quarter increased 6% to $21.45 billion from $20.15 billion delivered in the same quarter last year. Revenue increased due to a 5% increase in net interest income and an 8% increase in non-interest income. Net income totaled $5.25 billion, up from $4.89 billion in the same quarter last year. Diluted earnings per common share came in at $1.60, up from $1.39 a share delivered the same quarter last year.

Wells Fargo & Company (NYSE:WFC) is a leading multinational financial services firm that offers banking, investment, mortgage, and consumer/commercial finance products to over 70 million customers. As one of the top five US banks by assets, it offers services such as check cashing, loans, and wealth management.

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