Wells Fargo upgraded to Neutral from Underperform at Baird

Baird upgraded Wells Fargo (WFC) to Neutral from Underperform with an unchanged price target of $85. The risk/rewards in the bank look a “little better” following the recent share weakness, the analyst tells investors in a research note. The firm says recent conference updates are favorable as stock valuations look more reasonable, with consumer finance presenting the best risk/reward. Wells’ valuation is more reasonable following recent selloff, but still not attractive for fresh money, Baird contends.