Wells Fargo Will Work With Wachovia

Wells Fargo (WFC: NYSE) Sandler O'Neill & Partners ($24.40, Nov. 20, 2008)

THIS MORNING, WE ARE UPGRADING shares of Wells Fargo (ticker: WFC) from Sell to Hold. Our price target remains $25. We believe the recent pullback in the shares favors a Hold rating.

When we downgraded Wells Fargo to Sell a couple of months ago, we did so almost exclusively on valuation. In our view, the stock had advanced to a level that could no longer be ...