Wells Fargo price target lowered to $78 from $88 at Raymond James

Raymond James lowered the firm’s price target on Wells Fargo (WFC) to $78 from $88 and keeps a Strong Buy rating on the shares following quarterly results. The firm notes it was a solid quarter considering the volatility over the last several weeks. Raymond James is encouraged that the bank made adjustments to improve reserve levels for the increasing uncertainty while also maintaining its net interest income and operating expense guides. The firm remains bullish on the shares as it sees several positive catalysts on the horizon, including superior EPS growth, profitability improvement, and the removal of consent orders.