Morgan Stanley lowered the firm’s price target on Wells Fargo (WFC) to $77 from $80 and keeps an Overweight rating on the shares following the Q1 report. With five consent orders removed year-to-date and only three remaining, Wells is making progress towards asset cap removal, which is likely in Q4, the analyst tells investors in a research note. The firm expects operating leverage to drive earnings growth once the cap is lifted.
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