Odeon Capital upgrades Wells Fargo to buy on positive rating from Financial Stability Board


Wells Fargo & Co. WFC, +0.63% shares rose 0.2% Monday after Odeon Capital upgraded the bank to buy from hold and issued a price target of $50.34 a share. “The likelihood of the regulatory restrictions on the company being lifted are high,” analyst Richard X. Bove said. “There is no compelling reason to keep this company at a competitive disadvantage to its peers.” Bove cited a positive rating on Wells Fargo from the Financial Stability Board (FSB), last week. Wells Fargo was rated a 1 (1 is best, 5 is worst). “This rating raises the issue as to whether the U.S. regulators should consider eliminating their strictures on the bank” including its current asset cap requirement, he said. Shares of Wells Fargo are up 60.8% this year, compared to a rise of 23.8% by the S&P 500.

This article was originally published by Marketwatch.com. Read the original article here.

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