Morgan Stanley Gets More Bullish on Wells Fargo; Oppenheimer Gets a bit More Bearish (WFC)

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Banking giant Wells Fargo & Company ( WFC ) 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 $32.84.

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" rating.


Wells Fargo shares rose 53 cents, or +1.6%, in early trading Monday.

The Bottom Line
Shares of Wells Fargo ( WFC ) 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 ( WFC ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Stocks

Referenced Stocks: WFC

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