Wells Fargo price target raised to $79 from $71 at HSBC

HSBC analyst Saul Martinez raised the firm’s price target on Wells Fargo (WFC) to $79 from $71 and keeps a Hold rating on the shares. The analyst is more cautious on universal banks and brokers following the recent rally in the shares. HSBC recommends a more constructive stance on super-regionals. While operating fundamentals in the banks and broker group appear healthy, share valuations are “increasingly stretched,” the analyst tells investors in a research note.