11:00 AM EDT, 04/01/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We increase our 12-month target price by $10 to $59, 10.9x our 2025 EPS estimate, below the 10-year historic average of 15.3x given modest growth expectations. We increase our 2024 EPS view by $0.07 to $5.00 and raise 2025's by $0.11 to $5.39. WFC has justifiably performed well since its fourth quarter results as a strong and resilient U.S. economy is benefiting the bank. Still, if the economy should take a turn for the worse, we take solace in WFC's strong capital position (CET1 ratio of 11.4%) and ample allowances for credit losses (1.61% of total loans). Additionally, momentum can be seen on the regulatory front as the Office of the Comptroller of the Currency recently terminated a consent order it issued in 2016 regarding sales practices misconduct. The consent order required WFC to revamp how it offers and sells products and services to consumers and take additional actions to protect its customers and employees. Still, it's a journey that is far from over as eight consent orders remain.