Nomura Securities Starts Wells Fargo (WFC) at Buy

Nomura Securities initiates coverage on Wells Fargo (NYSE: WFC) with a Buy rating and a price target of $60.00.

Analyst Bill Carcache comments, "We are initiating coverage of WFC with a Buy rating and $60 target price. If the economic recovery remains muted and loan growth modest, we would expect outperformance to come from a combination of fee income and expense control, supplemented by capital return. If the recovery accelerates and loan growth improves, WFC’s spread income should gap out as yields rise and margins expand on its large, low-cost, sticky deposit base."

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 $49.81 yesterday.

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