Bove Recommends Sticking with Capital Market-Oriented Financials, Says Stay Light in Regional Banks (GS, JPM, KEY)
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Appearing on CNBC's The Call, Rochdale banking analyst Dick Bove said he would recommend investors "stick with the capital market-oriented" financials and stay "light in the regional banks".
Bove had a commonsensical thesis on the capital market-oriented banks, pointing out that competition has simply gone away in this group -- he mentioned Lehman and Barclays. Bove said examples of these kinds of banks were Goldman Sachs (NYSE: GS) and JPMorgan (NYSE: JPM).
Turning to the regional bank group, Bove said examples were KeyCorp (NYSE: KEY) and Marshall & Ilsley (NYSE: MI), but he said he would be underweight in anything that could be troubled by weakness in the building or auto industries.
Bove also said that he expects loan losses to decline in Q4.
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