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Wells Fargo, Bank of America draw price target hikes on bullish loan data

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JPMorgan Chase analyst Vivek Juneja on Thursday lifted price targets on Wells Fargo & Co. WFC, +2.13% and Bank of America BAC, +2.18% after bullish Fed data on loans. “Banks should start 2022 on a good note because of a sharp surge in commercial and industrial (C&I) loan growth in late 4Q,” Juneja said in a note to clients. Analysts raised Wells Fargo’s target price to $57 a share from $53.50 and lifted Bank of America’s target price to $52.50 a share from $50 a share. Industrywide, C&I loans grew 6.3% quarter-over-quarter through Dec. 22, and total C&I-related loans also grew by 5.5% quarter-over-quarter, close to the highest quarterly growth in the same period, according to Fed data. Analysts cut Citigroup’s stock price target to $76 from $80.50.

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