Wells Fargo price target raised to $66 from $57 at Argus

Argus raised the firm’s price target on Wells Fargo to $66 from $57 and keeps a Buy rating on the shares. The company’s Q1 earnings topped estimates but the management also maintained guidance for a 7%-9% decline in net interest income in 2024, based on a weak lending environment and higher deposit costs, the analyst tells investors in a research note. Argus adds however that given the strength in fee revenues, the firm sees the overall revenue decline at a smaller 2%.