Wells Fargo price target lowered to $90 from $94 at Truist

Truist analyst John McDonald lowered the firm’s price target on Wells Fargo (WFC) to $90 from $94 and keeps a Buy rating on the shares as part of a broader research note on Regional and Universal Banks. Despite the macro concerns and structural issues that have been dragging down sentiment on bank stocks lately, including war, rates, stagflation, AI displacement, and private credit, the recent updates on the quarter have been fairly positive, and the tone from management teams sounds constructive on the full year ahead, the analyst tells investors in a research note.