One firm provided a target price of $24.00. While the firms have narrowed credit loss forecasts, they are concerned with the rising expenses and continued softness in revenue. Firms have been looking for an inflection point for Wells Fargo in terms of revenue growth and loan growth and noted that while asset charge-offs have been declining for several quarters, nonperforming assets have continued to increase. Therefore, the firms are concerned about rising expenses related to the mortgage business and new regulations. The firms believe the company will continue to post improving credit trends, but does not expect the company to reach “normalized” losses until 2015, due to the long tail of the residential real estate cycle.