Goldman Sachs Sees 20% Upside in Wells Fargo (WFC), Keeps Top Rating

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January 30, 2012 11:51 AM EST
Get Alerts WFC Hot Sheet
Price: $83.84 +0.17%

Rating Summary:
    28 Buy, 20 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 8 | Down: 5 | New: 26
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Goldman Sachs raised its price target on Wells Fargo (NYSE: WFC) from $31 to $35 Monday, while reiterating its Conviction Buy List rating. The new price target represents 20 percent upside from current levels.

The firm sees several key items this year that could drive the stock higher. Those items include a raised dividend to $0.70/share and continued share buybacks. In addition, Goldman said the company should be able to reach is $11 billion quarterly cost target by Q4. They also see increased market share in several key businesses like mortgages and see asset purchase opportunities.

For an analyst ratings summary and ratings history on Wells Fargo click here. For more ratings news on Wells Fargo click here.

Shares of Wells Fargo closed at $29.60 yesterday.

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Goldman Sachs Conviction Buy List, Goldman Sachs, Dividend, Wells Fargo