** Wells Fargo WFC.N missed analysts' profit estimates in the fourth quarter on Wednesday, after it booked $612 million in severance expenses as part of CEO Charlie Scharf's effort to streamline operations

** Avg rating of 26 analysts on the stock is a "buy"; their median PT is $101, according to data compiled by LSEG

SHIFTING TO OFFENSE AS ASSET CAP ERA ENDS

** RBC Capital Markets ("outperform," PT: $100) says "after seven plus years of being restricted from growing its balance sheet due to its regulatory order, the move from defense-to offense is underway"

** Piper Sandler ("overweight," PT: $100) says WFC has plenty of opportunity on the fee side as it pivots further to offense in several businesses (investment banking and wealth)

** TD Cowen ("hold," PT: $100) says while investment banking and capital markets fees were softer than expectations this quarter, the message on underlying pipelines remain meaningfully stronger and suggest a solid set up for 2026 fees

** Morgan Stanley ("equal weight," PT: $97) says "the quarter reinforced two key themes for Wells in a post–asset cap world; 1) balance sheet growth is outstripping peers and 2) a sustained multi-year expense efficiency story"

(Reporting by Joel Jose in Bengaluru)

((joeljose@thomsonreuters.com))