Wells Fargo price target raised to $88 from $72 at Evercore ISI

Evercore ISI raised the firm’s price target on Wells Fargo (WFC) to $88 from $72 and keeps an Outperform rating on the shares after the Federal Reserve lifted the $2T asset cap on the bank that had been put in place in 2018. The near term benefit to shares is likely a modest positive given the lift of the cap was widely anticipated, but the firm remains “particularly constructive on the longer term outlook” for shares as it expects investors’ focus to shift to earnings implications over time, the analyst says.