The stocks of WFC seem to be gearing up towards a strong end to this dismal year- as they recently had a 40% run in way lesser time. And let’s just say, this is so impressive that it would make every investor sit up and stare. And all this, especially when the stocks of this company have been coming up from a really rough year- and oversold levels. If they manage to end December on a really strong note, the difference between the start and the finish would be extremely diverse.
The company had been operating at the levels it had operated in 2014 up till March. Since the pandemic, WFC had received an unenviable reputation of being a weak bank. Recently, it also came under a scandal, so the shares were definitely not something that would attract investors. Yet, the opportunities are so high-up, that any investor worth his salt would definitely jump in with impressive momentum.
Two Big Drivers of WFC
The main reason behind WFC’s rise to success is two-pronged. First, they have always had the potential to catch-up. When compared to their peers, this company has been lagging behind the entire year, something that led Wall Street to believe that the spread had been stretched a lot.
The second reason why WFC seems to be so favored is that they have been undergoing progress at an accelerated rate. Since the economic conditions right now aren’t exactly favorable, their meteoric rise back to the top is something straight out of a fairy-tale. And this is partly due to the biotech companies declaring their vaccines almost ready for implementation.
If the vaccines become available over a large area by the early part of 2021, it is expected that the hardships faced by WFC would stop.
