Wells Fargo price target raised to $63 from $57 at Daiwa

Daiwa raised the firm’s price target on Wells Fargo to $63 from $57 and keeps an Outperform rating on the shares. Earnings have been solid for the major banks and the investment banking market is recovering, the analyst tells investors in a research note. The firm says that while credit costs are rising, they are likely to peak soon. It has a Positive rating on the U.S. major banks with eye toward rate cuts. Assuming a “soft landing,” the shares look attractive, says Daiwa.