FBR Upgrades Wells Fargo, Replaces PNC on Top Picks List Tuesday, August 9, 11:54 AM ET
FBR said today it has upgraded Wells Fargo (NYSE:
WFC) to outperform from market perform.
FBR said in its note on the upgrade that it presumes bank investors will invest in “quality names that can best weather the adverse effect of a flattening yield curve.”
The firm pointed to Wells Fargo’s strong deposit franchise, diverse business lines and solid mortgage platform as additional positives.
FBR maintained a $31 price target on the stock.
The firm added Wells to its list of top picks, replacing PNC Financial Services (NYSE:
For MarketNewsVideo.com, I’m Sayoko Murase.
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FBR Upgrades Wells Fargo, Replaces PNC on Top Picks List
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