Wells Fargo's shares have dropped about 15% year-to-date, underperforming its peers, leading Bank of America to view the current price as an attractive entry point. The bank's valuation decline seems driven by investor doubts about management's long-term profitability goals. However, Bank of America believes Wells Fargo can still achieve an 18% return on tangible common equity by 2028 through various operational improvements and financial strategies. The firm also downplays recent credit concerns and merger fears, setting a $95 price target, implying roughly 20% upside from current levels.
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