Wells Fargo & Co. has managed to avoid the worst of the financial turmoil so far, but some analysts see trouble ahead for the company, the San Francisco Business Times reported yesterday.

Several analysts have issued reports raising concerns about the bank’s increased credit costs and whether it has set aside enough money for problem loans. One analyst even raises the prospect that Wells Fargo will have to join many of its major rivals in going to Wall Street for additional capital.

Wells Fargo sees things differently. After releasing earnings April 16, the bank’s chief financial officer, Howard Atkins, said in a recorded call, “We continue to have a strong capital position.”

He emphasized during the call that Wells Fargo’s capital levels stood well above regulatory minimums and that the bank could continue making several small acquisitions to bolster its franchise.

An Oppenheimer & Co. analyst estimated in a note to clients April 21 that Wells Fargo is under-reserved for potential bad loans by $4.5 billion and that the bank is likely to raise capital this year to build up reserves. Another analyst questioning the bank’s level of loan-loss reserves is Paul Miller, an analyst at Friedman, Billings, Ramsey & Co.