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Shares of Wells Fargo are up 50% this year and Bank of America believes there's even more to go

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Wells Fargo shares still have significant upside as the bank's new leadership team tries to find new revenue streams and appease regulators, according to Bank of America analysts.

Shares of the bank have gained more than 50% this year, but the stock is still trading below its pre-pandemic level.

Bank of America analyst Erika Najarian upgraded Wells Fargo to buy from neutral, saying in a note to clients on Friday that the bank was at the start of a "multi year transformation."

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