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Analysts cheer Wells Fargo to 2018 highs after earnings. We have 1 qualm with the praise

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Morgan Stanley Notizia

Goldman Sachs Group Inc,Citigroup Inc,Bank Of America Corp

We're not surprised that Wells Fargo's getting the recognition it deserves.

Wells Fargo stock hit new multi-year highs on Monday after Wall Street analysts praised the bank's third-quarter earnings report. The news Shares of Club name Wells Fargo jumped more than 3% on Monday — a close above $63 would be the highest finish since January 2018. That's on top of Friday's more than 5.6% post-earnings rally, which extended its recent run to six straight sessions.

Although Jim has previously said the Club would rather be in Goldman than Morgan Stanley, we're taking a wait-and-see approach to the stock. That's because Morgan Stanley can turn things around if Wall Street dealmaking picks up and eventually boosts the firm's investment banking business. Bottom line We're not surprised that Wells Fargo's getting the recognition it deserves. After the earnings release.

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