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Wells Fargo & Co.'s stock was up 1.8% in early trading to lead the Financial Select Sector SPDR ETF in gains on Wednesday, after the bank said the U.S. Federal Reserve lifted an
asset cap put in place in 2018 after its fake bank accounts scandal. BofA analysts reiterated a buy rating on Wells Fargo and called the move a "positive catalyst" for the stock.
"We see potential for a new pool of investors who had been fatigued by the regulatory overhang to step-in given WFC's idiosyncratic growth story, room for efficiency gains in the
consumer bank and potential for capital relief," BofA said.
