Wells Fargo
Wells Fargo Securities is the Charlotte-based investment banking and capital markets arm of Wells Fargo & Company. Its equity research department covers about 1,000 predominantly U.S. stocks, roughly 85% of the S&P 500 by market capitalization, as of 2026.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 1,09612M
- Actions
- 6,26912M
- Ratings / Price targets
- 4,001 / 2,268
- Upgrades / Downgrades
- 165 / 154
- Initiations
- 40
- Buy-rated
- 55%of 1,045 rated
- Median upside
- +11.3%
- Targets raised / lowered
- 1,178 / 776
- On record
- Mar 2012 – Sep 2026
Overview
About 40 research teams cover consumer, energy, financial services, healthcare, industrials, real estate investment trusts, and technology, media and telecom. The firm placed in 28 sectors in Extel's 2025 All-America Research Team survey, including seven top-three finishes. In Institutional Investor's 2023 survey, it tied UBS for seventh overall. Research leaders said in 2023 that they were hiring staff with investment-management experience to bring clients' perspectives into their work.
Wells Fargo traces its origins to the express and banking company Henry Wells and William Fargo founded in 1852. The bank eliminated its equity research unit in 2005, then acquired Wachovia on December 31, 2008, inheriting its capital markets group and A.G. Edwards, the St. Louis brokerage and research house Wachovia had bought in 2007. The capital markets businesses were renamed Wells Fargo Securities in 2009 and now sit within the bank's Corporate & Investment Banking division.
Milestones
- 1852
Henry Wells and William Fargo found Wells Fargo & Co.
- 2005
Wells Fargo eliminates its equity research unit
- 2008
Acquires Wachovia, including Wachovia Capital Markets
- 2009
Capital markets businesses renamed Wells Fargo Securities
Firm facts
- Legal name
- Wells Fargo Securities, LLC
- Type
- Full-service
- Founded
- 1852
- Headquarters
- Charlotte, United States
- Parent
- Wells Fargo & Company
- Listing
- NYSE: WFC
- Chairman and CEO, Wells Fargo & Company
- Charlie Scharf
- CEO, Corporate & Investment Banking
- Fernando Rivas
- Rating scale
- OverweightEqual WeightUnderweight12 months
- Website
- wellsfargo.com
Research philosophy
We constantly challenge ourselves to think more like our clients think.
In 2023 Wells Fargo's research management said the sell side can become too academic and lose sight of clients' problems, and described a tighter focus on key debates and more tactical ideas. As of 2026 its products include Signature Picks, a diversified portfolio of analysts' best ideas meant to beat the S&P 500 over 12 months, and Tactical Ideas, a quarterly list of stocks with potential significant near-term catalysts.
Rating methodology
Ratings are Overweight (expected 12-month total return of 10% or more), Equal Weight (−10% to +10%) and Underweight (expected to lag Overweight- and Equal Weight-rated stocks in the analyst's coverage).
Coverage12M
Sectors
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 The Progressive CorporationPGR | Underweight | $198 |
 Alphabet Inc.GOOGL | Overweight | $411 |
 Amazon.com, Inc.AMZN | Overweight | $338 |
 AppLovin CorporationAPP | Overweight | $325 |
 Owens CorningOC | Overweight | $150 |
 Nucor CorporationNUE | Overweight | $280 |
 Arthur J. Gallagher & Co.AJG | Overweight | $298 |
 Applied Materials, Inc.AMAT | Overweight | $740 |
 Booking Holdings Inc.BKNG | Equal Weight | $220 |
 The Clorox CompanyCLX | Equal Weight | $110 |
Most active analysts
- Joseph O'Dea57 notesAYIHUBBETN
- Ike Boruchow44 notesDECKASRL
- Elyse Greenspan44 notesPGREGALL
- Timna Tanners38 notesVMCKNFAMRZ
- Ken Gawrelski37 notesGOOGLDASHABNB
- Michael Turrin36 notesGWRECRWVFIG
Recent actions
| Date | Stock | Rating action | Rating | Target | Analyst |
|---|---|---|---|---|---|
| Sep 22 |  Fair Isaac CorporationFICO | Reiterate | Overweight | $1,450 →$1,350 | Jason Haas |
| Sep 22 |  Equifax Inc.EFX | Reiterate | Overweight | $212 →$200 | Jason Haas |
| Sep 21 | MLMartin Marietta Materials, Inc.MLM | Reiterate | Overweight | $609 →$585 | |
| Sep 21 |  NextNav Inc.NN | Reiterate | Buy | ||
| Sep 21 |  Meta Platforms, Inc.META | Reiterate | Overweight | $640 →$796 | Ken Gawrelski |
| Sep 18 | ETEtsy, Inc.ETSY | Downgrade | Underweight | ||
| Sep 18 | BTGrayscale Bitcoin Mini Trust ETFBTC | Initiate | Hold | ||
| Sep 18 | DTDynatrace, Inc.DT | Downgrade | Overweight →Underweight |