Wells Fargo's New Bank Analyst Mike Mayo Gets Busy

August 9, 2017 5:12 PM EDT
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After the close of trading, Wells Fargo's popular bank analyst Mike Mayo launched coverage on a host of bank stocks after recently moving over from CLSA.

Mayo said his top five picks in the group are:

  • Citigroup (NYSE: C) as he notes estimates double in the stock over 4-5 years.
  • State Street (NYSE: STT), saying the first time in a decade, likely to meet targets which are industry’s highest.
  • SunTrust (NYSE: STI) is the best regional bank franchise, in their view.
  • Bank of America (NYSE: BAC) is fully benefiting from national banking after shortfalls in ‘90s and ‘00s.
  • JP Morgan (NYSE: JPM), as he is calling for the the biggest modern day risk adjusted ROE by 2020 .

In all, Mayo issued coverage on 18 bank stocks:

Global Banks

  • Citigroup (NYSE: C) - Outperform, $90
  • Bank of America (NYSE: BAC) - Outperform, $30
  • JP Morgan (NYSE: JPM) - Outperform, $110
  • Goldman Sachs (NYSE: GS) - Outperform, $265
  • Morgan Stanley (NYSE: MS) - Neutral, $48

Trust Banks

  • State Street (NYSE: STT) - Outperform, $115
  • Bank of America (NYSE: BK) - Market Perform, $55
  • Northern Trust (NYSE: NTRS) - Market Perform, $90

Large Regional Banks

  • SunTrust Banks (NYSE: STI) - Outperform, $70
  • Zions Bancorp (NASDAQ: ZION) - Outperform, $56
  • BB&T Corp. (NYSE: BBT) - Market Perform, $44
  • Comerica (NYSE: CMA) - Market Perform, $73
  • Fifth Third Bancorp (NASDAQ: FITB) - Market Perform, $27
  • KeyCorp (NYSE: KEY) - Market Perform, $19
  • M&T Bank Corp. (NYSE: MTB) - Market Perform, $170
  • PNC Financial Services (NYSE: PNC) - Market Perform, $119
  • Regions Financial (NYSE: RF) - Market Perform, $16
  • U.S. Bancorp (NYSE: USB) - Market Perform, $56

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JPMorgan, Goldman Sachs, Citi, Morgan Stanley, BB&T Capital Markets, Mike Mayo, Wells Fargo