Wells Fargo initiated with a Buy at Jefferies

Jefferies initiated coverage of Wells Fargo (WFC) with a Buy rating and $100 price target The firm rolled out coverage of seven money-center and super-regional banks with Wells Fargo as its top pick. Wells is in the early innings of a multiyear return on tangible common equity recovery following the removal of its asset cap in June 2025, the analyst tells investors in a research note. Jefferies believes that with the constraints lifted, the bank “can compete on equal footing with peers, supporting balance sheet growth, lower costs, and an improving fee trajectory.”