Wells Fargo price target raised to $85 from $75 at Piper Sandler

Piper Sandler raised the firm’s price target on Wells Fargo (WFC) to $85 from $75 and keeps an Overweight rating on the shares after the Federal Reserve announced that Wells Fargo is no longer subject to the asset cap that has loomed large over the bank since 2018 and led to a complete overhaul of senior management, the BOD, and operations in that time. This means that the bank has indeed met all the requirements for a lift, including improving its governance and risk management program, as well as completion of a third-party review of these improvements and the Fed’s own reviews.