In a report published Monday, Jefferies analyst Ken Usdin reiterated a Buy rating on Wells Fargo & Co. WFC, 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.
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