Wells Fargo (WFC) PT Raised to $92 at CFRA

CFRA analyst Alexander Yokum raised the price target on Wells Fargo (NYSE: WFC) to $92.00 (from $75.00) while maintaining a Buy rating.

The analyst comments "We raise our target price by $17 to $92, 16.0x our 2025 EPS estimate, a modest premium to the 10-year historical average of 15.2x, given an improving operating and regulatory environment. We increase our 2024 EPS view by $0.27 to $5.47 and up 2025's by $0.11 to $5.76. After underperforming peers for years, CEO Charlie Scharf is turning WFC around and has improved the bank's image and execution. Although investment banking fees have already surged 62% in 2024, we expect momentum to continue into 2025 as WFC continues to invest in talent and upgrade its products. Additionally, with WFC's reputation improving, the bank is seeing less wealth advisor attrition, and we see the bank as well positioned to target affluent customers, a segment which WFC has not fully utilized (millions of existing customers don't use WFC for investments). Finally, we believe WFC is well positioned to see a rebound in loan growth, given the recent election clarity, a strong capital position, and an improving rate environment."

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