. However, he doesn't see the bearish scenario sticking around more than a few months.
In a note this week, Mayo focused on his bullish risk-to-reward scenario for bank stocks over the next one to three years. He acknowledged the "very rapid decline in the 10-year Treasury yield ... coupled with the Fed July rate cut, increases the risk that bank net interest margins could decline more than expected" in the third quarter.
"Look, there are tail risks in both directions," he said. "So, short-term caution, [but] long-term phenomenal opportunity."Mayo, who does not have a single sell rating in his coverage universe, picksas his best long-term play in this environment. The stock has tumbled by more than 8% over the past five trading sessions and is now down 10% over the past 12 months.
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TradingNation Like anyone anywhere should listen to a bank as screwed up as Wells Fargo.
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