Wells Fargo double upgraded to Outperform from Underperform at Raymond James

Raymond James analyst David Long double upgraded Wells Fargo to Outperform from Underperform with a $32 price target. Long says headwinds stemming from the account opening scandal that broke more than four years ago are starting to rescind. With the worst likely in the past, Long now believes that its pretax pre-provision income has troughed, revenue is nearing a bottom, a multi-year expense rationalization initiative can finally be taken on, and repurchase activity can return in the near future.