Wells Fargo price target raised to $99.50 from $99 at JPMorgan

JPMorgan raised the firm’s price target on Wells Fargo (WFC) to $99.50 from $99 and keeps a Neutral rating on the shares. The firm adjusted targets in the large cap bank space, saying the market continues to expect two rate cuts and long term rates to “remain sticky with inflation concerns.” The regulatory environment remains favorable and bank consolidation is up and should continue, the analyst tells investors in a research note. JPMorgan sees bank stocks holding up on sector rotation, good economic trends, and steady fundamentals.