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Upgrade Alert for Wells Fargo (WFC)

By Shiri Gupta

Wells Fargo (NYSE:WFC) was upgraded from Equal Weight to Overweight at Morgan Stanley today. The stock closed yesterday at $46.56 on volume of 51.4 million shares, above average daily volume of 18.0 million.

Wells Fargo (NYSE:WFC) has potential upside of 26.5% based on a current price of $46.56 and analysts' consensus price target of $58.91. The stock should find initial resistance at its 50-day moving average (MA) of $49.18 and further resistance at its 200-day MA of $52.06.

Wells Fargo & Company is a diversified financial services company providing banking, insurance, investments, mortgage, leasing, credit cards, and consumer finance. The Company operates through physical stores, the Internet and other distribution channels across North America and elsewhere internationally.

In the past 52 weeks, Wells Fargo share prices have been bracketed by a low of $44.50 and a high of $58.76 and closed yesterday at $46.56, 5% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.2% while the 200-day MA has slid 0.3%.

SmarTrend is monitoring the recent change of momentum in Wells Fargo. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Wells Fargo in search of a potential trend change.

Keywords: analyst upgrades/downgrades wells fargo

Ticker(s): WFC