Banking giant Wells Fargo & Company ( WFC ) on Tuesday caught a big upgrade from analysts at FBR Capital Markets.
The firm said it boosted its rating on WFC from "Market Perform" to "Outperform" with a $31 price target. That target suggests a 35% upside to the stock's Monday closing price of $22.93.
FBR Capital also added the stock to its "Top Picks" list, citing the company's attractive, low-cost deposit base of banking customers.
Wells Fargo shares rose 68 cents, or +3%, in premarket trading Tuesday.
The Bottom Line
Shares of Wells Fargo ( WFC ) have a 2.09% dividend yield, based on last night's closing stock price of $ 22.93. The stock has technical support in the $20 price area. If the shares can firm up, we see overhead resistance around the $25-$27 price levels.
Wells Fargo & Company ( WFC ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.1 out of 5 stars.
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