(Updated - April 1, 2026 3:30 AM EDT)

HSBC analyst Saul Martinez upgraded Wells Fargo (NYSE: WFC) from Hold to Buy with a price target of $94.00 (from $104.00).

The analyst comments: "Wells Fargo shares have lagged all other banks and brokers we cover in 2026, falling c17% YTD. We now see an attractive entry point to own the shares. In our view, Wells Fargo is likely a long-term winner in US banking, benefiting from scale, a national presence (one of only three national US banks), ample capital, and the potential right-sizing of capital markets and cards businesses. Admittedly, positive catalysts that previously underpinned the investment thesis – notably the lifting of regulatory enforcement actions, including the asset cap, and the setting of medium term-profitability targets – have now come and gone, even as 2026 NII guidance in January 2026 underwhelmed. In essence, the positive investment case has become less clear to many investors, in our view.

However, we think the investment case to own Wells Fargo shares is straightforward. Wells Fargo has scarcity value as a national US bank with a leading retail banking franchise, that no longer faces growth restrictions from the asset cap, has runway to improve profitability in its US consumer banking business, and holds excess capital to support growth and/or elevated buybacks. We also think the company’s 2026e NII guidance could prove conservative, and the company is poised to deliver considerable ROE/ROTCE expansion and, on average, mid-teen EPS growth in the coming years. Our new TP of USD94 implies c22% upside."

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 $79.61 yesterday.