Jefferies raises price target estimates

Evaluating several instrument factors, analysts maintain a “Buy” rating on WFC and now see shares reaching $44, up from the previous target of $42. This new price target suggests a 7% upside to Thursday’s closing price of $40.94.

“While the operating and regulatory environment is clearly challenging, revenue diversity and credit/expense leverage should allow the company to grow EPS going forward,” said analyst Jefferies Ken Usdin. “We reiterate our Buy rating and continue to like WFC as a core holding.”

Jefferies boosted WFC’s second quarter EPS estimates to 94 cents from 93 cents. For fiscal 2013, the analysts raised EPS estimates to $3.80 from $3.70. And for fiscal 2014, EPS estimates went up to $3.85 from $3.75.

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