Mike Mayo Initiates Coverage On Banking Sector At Underweight At His New Firm
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Former-Deutsche Bank analyst Mike Mayo initiated coverage on the banking sector today with an Underweight rating at his new firm, Calyon Securities. Mayo said loans losses will exceed levels of the Great Depression.
Mayo said, "While certain mortgage problems are farther along, other areas are likely to accelerate, reflecting a rolling recession by asset class."
Sell Rated:
- BB&T (NYSE: BBT)
- Fifth Third (Nasdaq: FITB)
- Keycorp (NYSE: KEY)
- Suntrust (NYSE: STI)
- US Bancorp (NYSE: USB)
Underperform Rated:
- Bank of America (NYSE: BAC)
- Citigroup (NYSE: C)
- Comeria (NYSE: CMA)
- JP Morgan (NYSE: JPM)
- PNC Financial (NYSE: PNC)
- Wells Fargo (NYSE: WFC)
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Mike Mayo is a megaDUD analyst!!
Matt on Sep 15, 2009 09:55 AMThis Mike Mayo guy is a dud analyst, s bogus charlatan who recommended to investors on September 5 2008 that Lehman's could go from $16 to $28, mere days before that bank collapsed. He is probably paid by the same banks he is supposed to analyze. According to CNBC, he's as corrupt as the ratings agencies of Moody's, Standard & Poors and Fitch. They are all getting paid by the companies whose debt they are supposed to rate. It's a massive outrage and the rating agencies must be dismantled and stopped by the US Government.