Investors will be rewarded over the long term for buying these cheap bank stocks, Oppenheimer says

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The firm named several capital markets-oriented banks as winners of the recovering industry, recommending Bank of America and JPMorgan among others.

Although bank stock investors are wading through a period of uncertainty and jittery sentiment, Oppenheimer has a positive outlook on certain stocks. "Fortunately, the fundamentals are generally still stable and generally favorable," Oppenheimer analyst Chris Kotowski said in a Tuesday note about the U.S. banking industry. "Asset quality is normalizing but remains excellent, fees and trading as expected, and capital markets finally seem to be rebounding.

Bancorp and Bank of America have taken the most share price losses so far this year, down 23.3% and 17.1%, respectively. Jefferies and JPMorgan are the two gainers, trading higher by 12.7% and 8.5% this year, respectively. Oppenheimer on Tuesday trimmed its price target on Bank of America by $1 to $48 and maintained its outperform rating.

 

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