Jenny Harrington ‘regrets’ not owning this bank stock

By: Wajeeh Khan
Wajeeh Khan
Wajeeh is an active follower of world affairs, technology, an avid reader, and loves to play table tennis in… read more.
on Jan 12, 2022
  • Piper Sandler upgraded Wells Fargo to "overweight" with a price target of $64.
  • Jenny Harrington agreed with the bullish call on CNBC's "Halftime Report".
  • Shares of the financial services company have jumped 20% in less than a month.

Wells Fargo & Co (NYSE: WFC) have jumped roughly 20% in less than a month, but Wall Street analysts are convinced the stock is not out of juice yet.

Piper Sandler sees upside to $64 a share

In a note on Wednesday, Piper Sandler analyst Scott Siefers raised his rating on Wells Fargo to “overweight” and boosted his price target to $64 a share that represents an about 15% upside from here.

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The financial services company also found a spot on Morgan Stanley’s list of top picks for 2022. The investment bank says shares of Wells Fargo could climb to $61. The bullish calls are based on a signal from the U.S. Fed that it’ll turn more hawkish in handling inflation.

Both Piper Sandler and Morgan Stanley think of Wells Fargo as more sensitive to the rate hikes. Earlier this week, JPMorgan’s Jamie Dimon said he’d be surprised if the central bank raises rates only four times in 2022.

Jenny Harrington agrees with the bullish call

On CNBC’s “Halftime Report”, Gilman Hill Asset Management’s Jenny Harrington agreed with the positive views on Wells Fargo and said she regretted not owning the stock.

It’s up 66% in the past 52-weeks; 17% year-to-date, and I like the call. We didn’t get in at the right time, and I regret it. There’s likely not another 66% ahead of it, but I think there’s decent upside from here. So, I regret not owning it right now.

The Wall Street banks are scheduled to begin reporting their quarterly results from Friday. Wells Fargo had topped estimates in its latest reported quarter. It is currently trading at a price-to-earnings ratio of 13.34.

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