Wells Fargo’s Mayo Says It’s Time to End Detour in Bank Stocks
- Analyst wields bright orange ‘end detour’ construction sign
- Mayo says top picks are JPMorgan, Citigroup and US Bancorp
Mike Mayo
Photographer: Kholood Eid/BloombergThis article is for subscribers only.
The “detour” is finally over for investors in bank stocks, said Wells Fargo & Co.’s Mike Mayo, after the group notched four-straight weeks of gains.
The analyst said problems dogging the trio of fallen US regional lenders earlier this year were idiosyncratic, and that he doesn’t expect any more banks in the S&P 500 to fail in the immediate-term. The sector’s stocks have shown hints of stabilization recently, with the KBW Bank Index fresh off a fourth week of gains.