The Fed is expected to cut rates Wednesday, but it is unlikely to tell markets what they want to hear on future rate cuts.Market Insiderread more
The trade war between the United States and China has lasted for more than one year — and a resolution is nowhere in sight.World Economyread more
Pelosi said Trump should not have tried to address China's trade practices in a way that opened Americans up to financial pain.Politicsread more
Here's CNBC review of the Apple Watch Series 5, which makes a step forward with an always-on display and a useful compass that can help you find your way on Apple Maps.Technologyread more
On Sept. 18, Capital One and Walmart announced the launch of the Capital One Walmart Rewards Credit Card Program, which offers two new cobranded credit cards. Here's a break...Moneyread more
TransferWise posted an annual net profit of £10.3 million on revenues of £179 million.Technologyread more
In an apparent setback for Prime Minister Benjamin Netanyahu, exit polls show the Israeli leader has fallen short of securing a parliamentary majority with his hard-line...World Newsread more
President Donald Trump doesn't want war with Iran — but Tehran seems inclined to "test the Trump administration," says Gerald Feierstein, a former U.S. Ambassador to Yemen.Oilread more
Live the high life with a night's stay at Highclere Castle, the iconic stately home made famous by Downton Abbey.Spendread more
Large banking institutions face the risk of failure if interest rates in Europe continue to stay negative, warns the global chief economist of the Economist Intelligence Unit.Banksread more
The fallout from two fatal crashes of Boeing 737 Max planes has ensnared the manufacturer's most-loyal customer: Southwest Airlines. The carrier has canceled thousands of...Airlinesread more
Citigroup's stock was up 1.1 percent, while Wells Fargo gained by 0.9 percent.
UBS changed its rating on Wells Fargo from neutral to buy but lowered its price target from to $60 from $63. The new target is 12 percent higher than Thursday's price, around $53.50.
Shares of Wells Fargo took a hit last year after revelations of the bank's cross-selling program. Bank employees were pushed to sell as many products as possible, and opened accounts in customers' names without their permission to hit sales targets. The bank reached a $190 million settlement with U.S. authorities in 2016, and CEO John Stumpf was forced to resign.
The UBS analyst acknowledged the challenges of overcoming the hit to Wells Fargo's reputation and its regulatory hurdles but said shares are trading at "historically wide PE discounts" compared to other large cap regional banks.
"Wells Fargo's substantial underperformance has created a buying opportunity," Saul Martinez wrote in a note to clients Thursday. "Wells Fargo shares have lagged the average bank in our coverage universe by a substantial 49 percentage points."
UBS also upgraded Citigroup to buy from neutral, and increased its price target to $80 from $78.
The bank trades at a discount to other large banks, including J.P. Morgan Chase and Bank of America. The analyst cited the profitability of its global consumer banking operation, improved loan growth and earnings momentum at Citibanamex, its Mexican operation, among the reasons for optimism.
"We do not believe that the current share price adequately captures incremental improvements in operating and financial performance in the coming years and still considerable capital optimization opportunities," Martinez said.