Wells Fargo price target raised to $52.50 from $50 at Atlantic Equities

Atlantic Equities analyst John Heagerty raised the firm’s price target on Wells Fargo to $52.50 from $50 and keeps an Overweight rating on the shares post the Q2 report. The firm remains “quite cautious” on the U.S. bank sector and views the “attractive valuations as being offset by substantial financial uncertainty.” Wells Fargo remains Atlantic’s only Overweight recommendation among the major banks “due to a combination of strong underlying growth, capital returns and valuation.”