Wells Fargo price target raised to $90 from $83 at BofA

BofA analyst Ebrahim Poonawala raised the firm’s price target on Wells Fargo (WFC) to $90 from $83 and keeps a Buy rating on the shares after the Federal Reserve lifted the 2018 asset-cap imposition, stating that the bank has “met all the conditions for removal of the growth restriction.” Removal of the asset-cap is a positive catalyst, both fundamentally and for stock valuation, says the firm, which does not think investors should “sell the news” and instead that focus should now shift to management’s ability to deliver high teens return on tangible common equity.