In a report released today, Betsy Graseck from Morgan Stanley maintained a Buy rating on Wells Fargo (WFC – Research Report), with a price target of $77.00.
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Betsy Graseck has given her Buy rating due to a combination of factors surrounding Wells Fargo’s recent progress in resolving regulatory issues. The termination of the 2015 consent order by the OCC marks a significant milestone, as it clears a major hurdle for the potential removal of the Federal Reserve’s asset cap on Wells Fargo. This development is seen as a positive step forward, indicating that the bank is making substantial progress in addressing its past compliance issues.
Furthermore, the removal of multiple consent orders under CEO Charlie Scharf’s leadership demonstrates momentum in Wells Fargo’s remediation efforts. The bank’s guidance on reducing operating losses and its ability to move past economic and reputational challenges are expected to enhance its market position. The anticipated removal of the asset cap could lead to an increase in earnings per share, making Wells Fargo an attractive investment opportunity.
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