Wells Fargo upgraded to Outperform from Sector Perform at RBC Capital

RBC Capital analyst Gerard Cassidy upgraded Wells Fargo (WFC) to Outperform from Sector Perform with an unchanged price target of $80. The recent share price decline gives investors an opportunity to buy Wells Fargo, the analyst tells investors in a research note. The firm says that under the leadership of CEO Charlie Scharf, the bank has executed on its plan to satisfy all its regulatory issues while increasing profitability. RBC believes Wells is also well capitalized and is likely to see regulatory relief under the expectation of a less onerous regulatory environment..