Old problems overshadow new era at Wells Fargo

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Go back to Old problems overshadow new era at Wells Fargo

Evercore Positive on Wells Fargo (WFC) CEO Transition; Says Sales Practice Issue Seems 'Manageable'

October 13, 2016 6:27 AM EDT

Evercore ISI affirms Wells Fargo (NYSE: WFC) at Buy with a price target of $51 after the company announced the retirement of CEO John Stumpf late Wednesday.

The firm noted the following:

Positive for the stock, and the bank. The announcement, in our view, is a positive in that it signals the Board's acknowledgment of the severity of the sales practice issue and its commitment to addressing the required changes, while preserving Wells' still-solid... More