Editor's note: Check back shortly for a full look at our earnings analysis. Wells Fargo extended its recent winning streak to six straight sessions Friday despite missed expectations on third-quarter revenue. Investors focused instead on the bank running leaner and generating better-than-expected profitability. Total revenue for the three months ended Sept. 30 fell 2.4% versus last year, to $20.37 billion, missing analysts' expectations of $20.42 billion, according to LSEG.
55 back in May, which was also the highest level since January 2018. Bottom line We're raising our price target on the stock to $66 per share from $62 and reiterating our buy-equivalent 1 rating . The reasons are three-fold: We like the efficiency gains at the bank; the progress being made to get the Federal Reserve-imposed asset cap lifted; and the optimistic outlook for the economy and inflation.