Barclays raised its price target for Wells Fargo & Co. to $113, up from $94. This increase represents a significant revision of over 20%.
The investment bank maintained its 'Overweight' rating on the stock. This move signals a more bullish outlook from the bulge bracket analyst regarding Wells Fargo’s future performance.
The revision is notable compared to industry consensus. FactSet data shows the average analyst rating for Wells Fargo is 'overweight'. The mean price target stands at $97.86, which is now well below the new target set by Barclays. No specific market reaction to the announcement was immediately available.