Stifel Financial initiated with an Overweight at Wells Fargo

Wells Fargo initiated coverage of Stifel Financial with an Overweight rating and $101 price target. The firm names Stifel its top pick in the broker group. Stifel’s diversification has delivered, and momentum is good across the franchise, the analyst tells investors in a research note. The firm believes the shares still present a “nearly free option on the capital markets recovery. It expects an inflection in net interest income growth even in the face of declining interest rates.