Morgan Stanley Upgrades Wells Fargo to Overweight from Equal-Weight
Fintel reports that on October 5, 2026, Morgan Stanley upgraded their outlook for Wells Fargo (NYSE:WFC) (WBAG:WFC) from Equal-Weight to Overweight. Prior to this rating action, Morgan Stanley had maintained an Equal-Weight rating on the stock on June 29, 2026.
Wells Fargo is a diversified, community-based financial services company based in the United States, operating worldwide. The company primarily operates within the banking industry, offering consumer and commercial finance, investment, mortgage, and brokerage services. The company's stock closed at $80.45 on October 2, 2026, which was also the pre-action close. This latest closing price reflects a one-week price change of -3.04% from a baseline close of $82.97 on September 25, 2026, and a one-month price change of -9.88% from a baseline close of $89.27 on September 2, 2026.
Separately from Morgan Stanley's upgrade, the current consensus target mean for Wells Fargo was $102.51 as of October 2, 2026, representing an implied change of +27.42% from the closing price. The current consensus target median on that date was $103.02. This mean target represents a consensus target revision of -0.20% from the prior consensus target mean of $102.71 recorded on September 15, 2026. In terms of aggregate analyst recommendations, the current recommendation period as of September 1, 2026, showed 6 strong buy, 14 buy, 10 hold, 0 sell, and 0 strong sell recommendations, which was unchanged from the prior period on August 1, 2026. This distribution represents 66.7% positive, 33.3% hold, and 0.0% negative recommendations out of a total of 30.
Wells Fargo last reported earnings on July 14, 2026, posting an actual EPS of 2 against an estimate of 1.7362, which is an EPS surprise of +15.19%. Actual revenue was $22,622,000,000.00 compared to an estimated revenue of $22,054,781,422.00. The company's upcoming earnings date is scheduled for October 13, 2026, during the before market open session. Other recent analyst actions include JP Morgan maintaining a Neutral rating on October 2, 2026. On October 1, 2026, Evercore ISI Group maintained an Outperform rating, and Truist Securities maintained a Buy rating.
Recent analyst actions
| Date | Analyst | Prior | Latest recommendation | Action |
|---|---|---|---|---|
| October 5, 2026 | Morgan Stanley | Equal-Weight | Overweight | upgrade |
| October 2, 2026 | JP Morgan | Neutral | Neutral | maintained |
| October 1, 2026 | Evercore ISI Group | Outperform | Outperform | maintained |
| October 1, 2026 | Truist Securities | Buy | Buy | maintained |
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This story originally appeared on Fintel.