Barrons on Wells Fargo

Rethinking Wells Fargo's Stock Price

Excerpt:

WE STRONGLY SUPPORT the Wells Fargo acquisition of Wachovia (ticker: WB) as the combined company becomes a national banking power house. However, we continue to question the current valuation of Wells Fargo stock price and reiterate our Underperform rating. We are adjusting our 12-month price target to $25 (from $20).