Wells Fargo initiated with an Accumulate at Phillip Securities

Phillip Securities analyst Glenn Thum initiated coverage of Wells Fargo with an Accumulate rating and $60.83 price target. Peak interest rates will boost the bank’s funding costs, as loan and security repricing is set to overtake deposit repricing, the analyst tells investors in a research note. The firm says this shift will drive net interest income going forward while credit losses have normalized to pre-pandemic levels.