UPDATE: Jefferies Reiterates Buy Rating, Raises PT on Wells Fargo & Co. on Increased Estimates

In a report published Monday, Jefferies analyst Ken Usdin reiterated a Buy rating on

, and raised the price target from $46.00 to $48.00. In the report, Jefferies noted, “We increase our '13 estimate by $0.09 to $3.89 and our '14 estimate by $0.15 to $4.00. Better credit drove the bulk of our revisions, as residential mortgage and home equity charge-offs improved meaningfully. The looming decline in mortgage banking is a key risk to the WFC story, but we believe WFC has enough levers to keep growing EPS and continue to like the stock. Reiterate Buy.” Wells Fargo & Co. closed on Friday at $41.89.