Wells Fargo 's run of form continued Wednesday, with shares hitting another 52-week high. Wall Street analysts see more upside ahead for what's been the best-performing major U.S. bank stock in 2024. In fact, the stock's session highs above $58 per share Wednesday were multiyear highs and only just over 13% away from all-time highs set back in January 2018. Shares of Wells Fargo have surged nearly 18% year-to-date, compared to the S & P 500 's 8.
"There's a sense among investors that Wells has really started out with punitive guidance, that is very achievable," Siefers added. "In a perfect world, if rates hovered higher for longer then Wells might be able to beat that guidance over the course of the year." As the expectations for Fed cuts this year have been coming down, Wells Fargo stock has been climbing. 2.