Wells Fargo rises after Piper Sandler upgrades to 'overweight'

Wells Fargo's WFC.N shares up ~3% at $64.03 in premarket trading

Piper Sandler upgrades the fourth-largest U.S. lender's stock to 'overweight' from 'neutral', citing co's shift to a cautious approach to a growth-focused strategy

Over the past few quarters, there's a clear sense that co is no longer in "correction" mode, adds Piper

Brokerage notes that co has achieved double-digit year-over-year fee growth for the past four quarters, marking a significant improvement from previous weaker performance

Co will report Q1 results on Friday

17 of 23 brokerages rate the stock "buy" or higher, six "hold"; their median PT is $80, data compiled by LSEG

Up to last close, WFC stock had fallen ~11.5%, compared with a 14.23% decline in the S&P 500 diversified banks index .SPLRCBNKS - YTD