Why Shares of Wells Fargo Are Up This Week
Shares of Wells Fargo (NYSE: WFC) traded more than 11% higher for the week as of 12:37 p.m. ET on Thursday, as the company benefited from bullish sentiment on Wall Street and rising long-term rates.
On Monday, Barclays analyst Jason Goldberg upgraded Wells Fargo stock from equal weight to outperform. He also increased the price target to $62, which implies a 17% upside even after a strong lift this week.
Wells Fargo is expected to enjoy "substantial progress on its regulatory issues, expense saving opportunities, and above-average excess capital," Goldberg wrote in his research note.
Source Fool.com