The firms believe shares will likely remain range bound until the company experiences solid loan growth, which is dependent on a recovering economy rather than Wells Fargo's internal operations. They remain encouraged with the company posting a steady improving credit statistics including lower mortgage delinquency levels and lower problem asset inflows. Moreover, mortgage repurchase requests continue to progressively trend lower and associated costs remain manageable, thereby easing fears surrounding the company's repurchase exposure. Yet, market-sensitive revenues are beginning to slow, exacerbated by mounting pressure tied to ongoing regulatory changes. While the expense leverage is expected from the rationalization of the mortgage unit and lower integration costs, top-line headwinds associated with the legacy mortgage/servicer operations and lacklustre loan growth prospects will likely keep Wells Fargo’s multiple in check, at least over the near term. Therefore, even with a compelling valuation, the firms believe that a cheaper entry point is required to offset the lacklustre growth prospects over the near term.