UL Solutions price target raised to $62 from $56 at Wells Fargo

Wells Fargo analyst Jason Haas raised the firm’s price target on UL Solutions (ULS) to $62 from $56 and keeps an Overweight rating on the shares. The firm is surprised to see UL Solutions down after a very strong Q3 and guidance raise. The company’s decision to increase investments is already paying off, and Wells sees a long runway for UL Solutions to benefit from mega trends including IoT and the energy transition.