- The shares of Wells Fargo & Co (NYSE: WFC) have received a price target increase from $47 to $60 by BofA Securities. These are the details.
The shares of Wells Fargo & Co (NYSE: WFC) have received a price target increase from $47 to $60 by BofA Securities. And BofA analyst Erika Najarian upgraded Wells Fargo from a “Neutral” rating to a “Buy” rating.
Najarian pointed out that the company’s 50% year-to-date surge has been eye-popping. But Wells Fargo remains the only bank in its peer group still trading at under recent pre-pandemic highs, according to Najarian. Plus Najarian believes that the company stock is more than an expense cutting story during its multi-year transformation.
As many of the company’s big bank peers either have cyclical or self-help catalysts, Wells Fargo has both said Najarian. Najarian added that a normalized Return on Average Tangible Common Shareholders’ Equity (ROTCE) in the mid-teens is doable for the company.
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