Bank Of America Predicts Positive Stock Re-Rating For Wells Fargo After Asset Cap Removal

Bank Of America Securities analyst Ebrahim H. Poonawala raised the price target on Wells Fargo & Company (NYSE:WFC) from $75 to $84 while reiterating a Buy rating.

A meeting with CEO Charlie Scharf and CFO Mike Santomassimo strengthened analysts’ belief that the bank is on track to achieve high-teens return on average tangible common equity (ROTCE).

Poonawala says that, in the discussion, it was clear that management is now prioritizing franchise efficiency, focusing on areas like cost control, client wallet share, and market share expansion, after dedicating a significant portion ...