UPDATE: Sterne Agee Raises Target on Wells Fargo to $36

Sterne Agee raises its price target on Buy-rated Wells Fargo

to $36 from $33 on positive momentum in loan growth. Sterne Agee says, "Expectations for positive operating leverage through 2012, combined with WFC's earnings diversity and balance sheet flexibility, favorably position the company to produce an upside earnings surprise in 2012, even against the backdrop of a weak economic environment." WFC closed at $30.37 a share on Thursday.