Wells Fargo (WFC)

Apr 21, 2022Trade Ideas

Weakness may be an opportunity in banking stocks, like Wells Fargo (WFC).

At the moment, the stock is sitting at major support, and could push higher near-term. Also, analysts, such as Citi’s Keith Horowitz believes the latest pullback in WFC is an opportunity.

As noted by TheFly.com, “Citi analyst Keith Horowitz reiterates a Buy rating on Wells Fargo with a $56 price target following the company’s Q1 results. The quarter came in a bit soft relative to expectations due to seasonally higher expenses and weaker fees, but the full-year net interest income and expense guidance was unchanged, making the stock selloff a bit surprising, Horowitz tells investors in a research note. The analyst says Wells’ balance sheet remains very well positioned for higher rates. As such, he would be a buyer of the stock on weakness.”

From a current price of $48.65, we’d like to see WFC challenge prior resistance around $52.50.

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