Wells Fargo stock surges to 2018 highs after strong earnings report, analysts optimistic

From CNBC: 2024-10-14 12:37:59

Wells Fargo stock surged on Monday after analysts lauded its third-quarter earnings report. Shares rose over 3%, hitting levels not seen since January 2018. Despite missing on revenue, the bank impressed with strong fee-based income streams. Analysts raised price targets, citing improvements in risk and compliance management under CEO Charlie Scharf. Big banks like JPMorgan Chase also reported positive results, with more financial giants set to follow suit this week. Wells Fargo’s progress toward convincing the Fed to lift its growth cap is key to its turnaround story. Jim Cramer and the CNBC Investing Club remain optimistic about the bank’s future. Wells Fargo’s earnings report was described as the best so far, showcasing a shift toward a more investment banking-oriented business model. Piper Sandler’s decision to maintain a neutral rating drew some criticism, but overall, Wells Fargo’s journey to recovery is gaining traction.



Read more at CNBC:: Analysts cheer Wells Fargo to 2018 highs after earnings. We have 1 qualm with the praise