Hopefully this leads to asset cap removal soon.
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Wells had a stealth rally of 50% from the October low’s. The results are good, significant beat vs expectation primarily driven by lower provisions. More importantly, they have significant capital buffer and they are putting it to work by aggressively buying back shares. They did $6 billion in the first quarter vs $12 B for the year !!! WFC’s compliance and legal issues are mostly behind and expect the asset cap to be removed in the next 6 to 12 months, giving them another boost to grow the business.
If WFC gets below $50, buy it for long-term. All big banks are getting really strong. Any weakness one should buy them for long-term.
The stock is hitting 5 year high and all time high is just 10% more. Added more. When the asset cap is removed it is going blast off is my expectation. It is just a matter of time now…
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