Wells Fargo (WFC, Financial) experienced a significant rally, climbing over 3% and hitting a historic high following the release of its third-quarter earnings report for 2024. As of the latest update, the stock increased by 3.37% to reach $63.04 per share.
The financial giant reported total operating income of $61.918 billion for the quarter ending September 30, 2024, reflecting a slight year-over-year decline of 0.32%. However, net profits showed a strong performance at $14.702 billion, with a basic earnings per share of $3.99.
Analyst firm Evercore ISI Group has maintained its "outperform" rating on Wells Fargo, setting a new target price of $71.00, indicating further upside potential for the stock.
