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Wells Fargo, Bank of America draw price target hikes on bullish loan data

JPMorgan Chase analyst Vivek Juneja on Thursday lifted value targets on Wells Fargo & Co.

wfc and Financial institution of America bac after bullish Fed information on loans. “Banks ought to begin 2022 on a superb word due to a pointy surge in industrial and industrial (C&I) mortgage development in late 4Q,” Juneja stated in a word to purchasers. Analysts raised Wells Fargo’s goal value to $57 a share from $53.50 and lifted Financial institution of America’s goal value to $52.50 a share from $50 a share. Industrywide, C&I loans grew 6.3% quarter-over-quarter by Dec. 22, and complete C&I-related loans additionally grew by 5.5% quarter-over-quarter, near the very best quarterly development in the identical interval, based on Fed information. Analysts minimize Citigroup’s inventory value goal to $76 from $80.50.

 

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