Wells Fargo is updated and rated (higher) Buy at $48.82.
The recent markets declines are surely a distraction. But given that overall market declines are unpredictable there is really nothing to be done about the market decline. Investors are supposed to have asset allocations that they can live with. Those who cannot stomach (or better-yet take advantage of) a market decline should not be invested in equities.
Fundamentally, the goal should be to buy at reasonable prices, shares of good quality companies that are very likely to grow earnings per share over the long term at an attractive rate. Such shares can be held for the long term unless something changes or unless they become clearly over-priced in the market.
Wells Fargo is probably an example of such a company. (At least, Warren Buffett has always thought so.) Having reported earnings on Friday morning, it’s our first update for 2016.