After the Fed announced that it had lifted the $1.95T asset cap that has been in place since 2018 on Wells Fargo (WFC), TD Cowen does “not dispute that this is good news for Wells,” but believes much of the optimism around the lifting of the asset cap has already been priced into the stock with shares up 7.7% year-to-date. The firm expects “a modest positive reaction to the news,” but is “far more excited on what this action could mean to longer-term revenue growth,” adds the analyst, who has a Hold rating and $83 price target on Wells Fargo shares.
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Read More on WFC:
- Wells Fargo price target raised to $87 from $77 at Morgan Stanley
- Wells Fargo Hits a ‘Pivotal Milestone’ as Fed Lifts 7-Year Asset Cap
- Wells Fargo price target raised to $85 from $75 at Piper Sandler
- Wells Fargo price target raised to $90 from $83 at BofA
- Wells Fargo’s Growth Prospects Brighten with Early Asset Cap Removal and Increased ROTCE Target
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