Wells Fargo price target raised to $61 from $60 at Keefe Bruyette

Keefe Bruyette analyst David Konrad raised the firm’s price target on Wells Fargo to $61 from $60 and keeps a Market Perform rating on the shares. The firm says strong fee income and improving commercial real estate trends drove better than expected Q3 earnings. Although Wells’ net interest income missed estimates, management’s Q4 outlook was better than feared, the analyst tells investors in a research note. That said, lower loan balances and higher deposit costs weigh on our longer-term NII estimates, adds Keefe.