HSBC upgraded Wells Fargo (WFC) to Buy from Hold with a price target of $94, down from $104. The firm says markets have “quickly repriced” higher downside macro risk and renewed credit concerns into the U.S. bank stocks. The multi-year return on equity expansion is now “less clearly priced in” for the universal banks, creating opportunities, the analyst tells investors in a research note. As a result, HSBC upgraded both Bank of America and Wells Fargo to Buy.
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