Wells Fargo upgraded to Strong Buy from Outperform at Raymond James

Raymond James analyst David Long upgraded Wells Fargo to Strong Buy from Outperform with a price target of $47, down from $52. The analyst sees "several incremental positive catalysts for the bank going forward." As a systemically important financial institution, Wells Fargo will be a major beneficiary of the SVB Financial, Signature Bank fallout, the analyst tells investors in a research note. With uninsured depositors across the country fleeing to larger and safer institutions, the firm expects incremental growth in Wells’ deposit base. Additionally, it believes Wells offers greater earnings growth potential over the intermediate term given the possibility of the removal of consent orders and the associated regulatory expenses, which amount to billions of dollars every year.