Banking giant Wells Fargo & Company (
) on Monday caught some diverging commentary from analysts at two
major Wall Street firms.
Morgan Stanley boosted its price target and earnings estimates
for WFC, noting that mortgage banking is driving growth. The firm
maintained its "Overweight" rating, lifted its numbers through
2014, and introduced a new $40 price target. That new target
suggests a 22% upside to the stock's Friday closing price of
Meanwhile, Oppenheimer & Co. cut its earnings estimates for
WFC and lowered its price target to $35, citing a recent jump in
tax rates. Still, the analyst maintained its "Outperform"
Wells Fargo shares rose 53 cents, or +1.6%, in early trading
The Bottom Line
Shares of Wells Fargo (
) have a 2.68% dividend yield, based on Friday's closing stock
price of $32.84. The stock has technical support in the $28-$30
price area. If the shares can firm up, we see overhead resistance
around the $34-$35 price levels.
Wells Fargo & Company (
) is not recommended at this time, holding a Dividend.com DARS™
Rating of 3.3 out of 5 stars.
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, as well as a detailed explanation of
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