UPDATE: Wells Fargo (WFC) PT Raised to $47 as Morgan Stanley Explains the Impact of the Yield Curve Steepening
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Morgan Stanley analyst Betsy Graseck raised the price target on Wells Fargo (NYSE: WFC) to $47.00 (from $43.00) after the yield curve steepened an additional +20bps since last week.
The analyst maintained an Overweight rating, stating "with the forward curve now implying a 1.82% 10yr
yield by YE2021. WFC is set to benefit as the most asset-sensitive name in our coverage (Exhibit 3). We take our NIM up +2-3bps in 2021-24e as a result. Every 50bp higher 10 yr yield drives our 2021 EPS up 8%."
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change
Related EntitiesMorgan Stanley, Wells Fargo
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