Wells Fargo’s preferred selections for the second quarter of 2024:
Overweight Tactical Ideas:
1. Amazon (AMZN): Wells Fargo is bullish on Amazon with a price target of $211. They anticipate margin expansion due to fulfillment fee restructuring, which could potentially add $5.2 billion in annualized operating income for North American retail.
2. Starbucks (SBUX): With around 15% upside, Wells Fargo foresees a recovery for Starbucks in the second half of the year, driven by menu innovation.
3. Insmed (INSM): Wells Fargo has set a price target of $55 for Insmed, implying a 100% upside potential. They are optimistic about the possibility of Insmed doubling in value on positive results from its brensocatib drug trials for bronchiectasis.
4. Citigroup (C) and Devon Energy (DVN): Wells Fargo also expresses bullish sentiments towards Citigroup and Devon Energy.
Underweight for the Quarter:
1. Tesla (TSLA): Wells Fargo is bearish on Tesla, setting a price target of $125, which implies a 29% drop. They cite concerns about slowing growth and demand as reasons for their underweight rating on Tesla.
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I’m Abhishek Sharma, an Advocate based in Delhi, entrepreneur, investor, and founder of BigBreakingWire.
I am an enrolled Advocate with a strong interest in entrepreneurship, media, and technology. I founded BigBreakingWire, a digital news platform covering breaking news, business, financial markets, companies, and important developments in India and around the world.
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As an investor, I’m interested in discovering and investing in promising businesses and startups. I look for good ideas, strong founders, practical business models, and opportunities with long-term potential.
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Last reviewed by Abhishek Sharma on August 31, 2026
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