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Wells Fargo: Jefferies upgrades stock

( - Jefferies has upgraded its rating on the Wells Fargo stock from "hold" to "buy," having increased its corresponding target price from 26 dollars to 38 dollars in sector comments on several US banking stocks.

"Even after the 'blue wave' rip, we believe banks' relative PEs remain attractive and a case for absolute P/E expansion exists," the broker says about the sector.

"Rev. growth remains a pain point but higher long rates and an eventual turn in loan growth could join strong deposit growth, better cost control and a restart of buybacks as positives," it adds.

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