Raymond James upgraded Wells Fargo (NYSE:WFC) to Strong Buy from Outperform, citing its potential to benefit significantly from the changing financial landscape resulting from the fallout of SVB Financial Group and Signature Bank. As a result, Wells Fargo shares gained more than 3% intra-day today.

According to the analysts, Wells Fargo is likely to attract uninsured depositors fleeing to larger and safer institutions, leading to incremental growth in its deposit base.

Additionally, the analysts believe that the removal of consent orders and associated regulatory expenses, which amount to billions of dollars annually, could result in greater EPS growth potential for Wells Fargo in the intermediate term. The analysts find the current valuation to be a favorable opportunity to invest, with shares trading just a little above the tangible book value.