Wachovia Stocks Up
July 22nd, 2008 by tad
Shares of Wachovia closed up $3.61, or 27%, at $16.79, on volume of 238 million. Which is a really good jump but is it good enough is the question. Mayo put a price target of $30 on the stock, saying current value “does not adequately reflect the potential earnings power of Wachovia’s franchise over the long term, while still acknowledging significant near-term industry headwinds in mortgage and credit as well as heightened operational risks due to the integration.” With recent fallings in past quarters. i am not sure if this recent spike in shares is going to be enough considering the long term effects of it being far too low overall.
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