At least two analysts today upgraded Wells Fargo & Co., a day after the national bank that operates the Wachovia Bank network in Connecticut, said it would repay $25 billion in bailout money.
Wells Fargo said Monday after the market closed it would repay the money it received last year at the height of the credit crisis.
Wells Fargo’s announcement came just hours after Citigroup Inc. said it would pay back $20 billion received as part of the Troubled Asset Relief Program, and that the government would sell its stake of nearly 34 percent in the bank.
Wells Fargo was the last of the eight initial recipients of TARP money to agree to repay the government.
Keefe, Bruyette & Woods Inc. analyst Frederick Cannon raised his rating on Wells Fargo to “market perform” from “underperform” and increased his share price target to $28 from $24.
Separately, Deutsche Bank analyst Matt O’Connor upgraded the stock to “buy.”
At 11 a.m., Wells Fargo rose 62 cents, or 2.4 percent, at $26.11. (AP)
