Jefferies Starts Wells Fargo (WFC) at Buy

Jefferies initiates coverage on Wells Fargo (NYSE: WFC) with a Buy. PT $39.00.

The firm comments, "Wells delivers above-average ROEs on a strong capital base, and has growth potential even at $1.3 trillion of assets. As for other banks, net interest margin pressure and tough comps in mortgage banking put us modestly below consensus for '13 ($3.55 vs. $3.64). While WFC has closed some of the valuation gap to regional peers, we see upside potential with downside protection."

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 $33.05 yesterday.

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