WFC - Is Wells Fargo Stock Going to $66? 1 Wall Street Analyst Thinks So
2024-04-16 10:20:11 ET
First-quarter bank earnings are rolling in, and it's increasingly looking like big banks are coming under pressure from higher interest rates, as they have gradually had to lift interest rates on deposits to stay competitive.
In light of those challenges, Wells Fargo (NYSE: WFC) predicted a 7% to 9% decline in net interest income for the year. However, one analyst sees an upside to the stock after a Q1 earnings report that included a solid beat on the top and bottom lines, even though the stock fell on the report.
On Monday, Argus Research lifted its price target on the stock from $57 to $66 and maintained a buy rating. That implies an 18% upside over the next 12 months.
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Is Wells Fargo Stock Going to $66? 1 Wall Street Analyst Thinks So