Wells Fargo price target raised to $80 from $75 at Keefe Bruyette

Keefe Bruyette raised the firm’s price target on Wells Fargo (WFC) to $80 from $75 and keeps a Market Perform rating on the shares. The Federal Reserve’s determination that Wells Fargo has met all the conditions required to remove the asset cap imposed in the 2018 consent order is “very good” news for Wells as it demonstrates senior management’s efforts to turn around the company and implement improved controls and risk management practices, the analyst tells investors in a research note. Keefe expects the stock to react positively near-term, but says the gains may be limited due to the current low-growth environment.