Citigroup Increases Price Target for Wells Fargo (WFC)

Citigroup Increases Price Target for Wells Fargo (WFC)


Citigroup reported on Thursday that they have increased their price target for financial services company, Wells Fargo & Company(WFC).

The firm has reaffirmed its “Neutral” rating on WFC, and has increased its price target from $35 to $37. This price target suggests a 8% increase over the stock’s current price of $33.84.

An analyst from the firm commented, “we raise our target price to $37 mostly due to rolling forward our valuation model, and we continue to value Wells on our 3-year return estimates and a gradual fade to our 18% long term ROTE assumption for Wells in a normalized rate environment. Given our view that WFC is one of the more crowded longs in the group and our belief that there is a downside bias to EPS estimates, we prefer to remain on the sidelines and wait for bet ter entry point.”

Wells Fargo shares were down 44 cents, or -1.28% during Thursday morning trading. The stock is up 23% YTD.

The Bottom Line
Shares of Wells Fargo (WFC) have a 2.56% dividend yield, based on last night’s closing stock price of $34.33. The stock has technical support in the $31-$32 price area. If the shares can firm up, we see overhead resistance around the $36 price level.

Wells Fargo & Company(WFC) is not recommended at this time, holding a 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.

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