Wells Fargo expects positive future for U.S. banks post-election
** Brokerage Wells Fargo raises price targets on a host of U.S. banks and upgrades two of them
** Upgrades Morgan Stanley MS.N and Comerica CMA.N to equalweight from underweight citing "possible greater-than-expected short-term tailwinds" and "better prospects for loan growth post-election", respectively
** Wells Fargo says a post-election reduction in regulatory risk can aid banks in areas of capital, expenses and fees
** We estimate more excess capital than before, especially given likely better internal capital generations - Wells Fargo
** Additional mergers (including bank consolidations) and IPO activity is also set to help U.S. banks, the brokerage said
** Wells Fargo also expects greater flexibility by banks to return and deploy capital
The price actions on U.S. banks by Wells Fargo:
Banks | New PT | Old PT |
Bank of America | $56 | $52 |
Citigroup | $95 | $85 |
Comerica | $73 | $51 |
Fifth Third Bancorp | $54 | $52 |
J.P. Morgan Chase | $270 | $240 |
KeyCorp | $22 | $20 |
M&T Bank | $205 | $190 |
Morgan Stanley | $142 | $107 |
Northern Trust | $110 | $108 |
PNC Financial | $235 | $215 |
Regions Financial | $28 | $24 |
State Street | $108 | $106 |
BNY | $81 | $79 |
Goldman Sachs | $680 | $600 |
Truist Financial | $52 | $48 |
U.S. Bancorp | $62 | $60 |
Zions Bancorporation | $62 | $54 |
Reporting by Pritam Biswas in Bengaluru
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