Things haven’t always looked good for bank stock Wells Fargo (NYSE:WFC). Not so long ago, it was trying to pull itself out from under a mountain of scandal. But it’s made something of a comeback since and is even up modestly in Wednesday’s trading after revealing a new credit card. This time, the card has a particular focus on travel.
The card in question is known as the Autograph Journey card, and it comes with a flat-rate fee of $95 per year to use it. But for those who do, there’s a wealth of mostly travel-related incentives waiting. Users get five times normal point values for hotel stays and four times normal on airlines. Other travel-related expenses, including eating out, come in at three times normal. Regular, non-travel purchases, meanwhile, get no extra point treatments. There’s even a $50 annual credit statement for airline purchases and some protection benefits for those who make travel purchases.
Not All Good News, Though
Early reviews call the card a good value, particularly for travelers, not surprisingly. The ability to readily transfer points to hotel and airline loyalty programs was cited as a particular plus. However, Wells Fargo has some new legal troubles to address. Specifically, Republican attorneys general in several states are taking aim at Wells Fargo over the cancellation of merchant accounts that focused on firearms. The cancellations are being called politically motivated, a charge Wells Fargo is left to face down.
Is Wells Fargo Stock a Buy or Sell?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on WFC stock based on nine Buys and 10 Holds assigned in the past three months, as indicated by the graphic below. After a 12.41% rally in its share price over the past year, the average WFC price target of $55.46 per share implies 2.97% downside risk.
