Wells Fargo price target lowered to $93 from $109 at Goldman Sachs

Goldman Sachs lowered the firm’s price target on Wells Fargo (WFC) to $93 from $109 and keeps a Buy rating on the shares. U.S. regulators issued proposals revising the Basel III Endgame, recalibrating the G-SIB buffer, and updating the Standardized Approach, which collectively appear constructive for large-cap banks, the analyst tells investors in a research note. The changes are expected to leave RWAs largely unchanged while reducing CET1 requirements by roughly $50B, modestly easing capital constraints, with the greatest benefit to banks such as Morgan Stanley (MS) and Citigroup (C) that have relatively tighter excess capital positions, the firm says.