Morgan Stanley upgraded Wells Fargo to overweight from equal weight and named it a top pick, with a price target of $102 implying 27% upside. Analyst Manan Gosalia expects normalizing balance sheet growth to ease funding pressure and stabilize net interest margin. Wells Fargo has underperformed major U.S. banks with a 14% year-to-date decline, compared to gains ranging from 2.7% for Goldman Sachs to 10% for Citigroup. The stock appears undervalued at 1.5 times 2027 tangible book value per share. Eighteen of 26 analysts covering the stock have a buy or strong buy rating, with an average price target pointing to 24% upside.
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