Why bank stocks could surge 50% in the next 18 months, according to a Wells Fargo analyst - Business Insider

that bank stocks have the potential to increase by 50% in the next 18-24 months.

"I think it's under-appreciated how much heavy lifting the banks are doing and how they'll be able to pump their way through this," Mayo said. The analyst explained that banks are experiencing four "100-year events" at the same time: The decline in net interest margin, traditional banking revenues, and total revenues are each the worst in a century. And, the buildup in reserves has been the highest in history.

"So we talk about heavy lifting, banks right now have a level of reserves for problem loans equal to half the level actually experienced in the global financial crisis," Mayo said. He said that he thinks the foundations of the banks are strong, and earnings could be like a "coiled spring" if and when there's positive light on the economy or a vaccine for the coronavirus.

The SPDR S&P Bank ETF closed up 2.17% on Wednesday at $31.52. According to CNBC, Bank of America has been up 8.83% since Warren Buffet's recent Bank of America buying spree. Mayo said the billionaire investor has purchased shares in Bank of America for 13 days in the last three weeks. Buffett now has an 11.9% stake in the bank, worth $25.8 billion. Bank of America closed at $25.39 on Wednesday.

Because they figured out to hide fake accounts?

And the vacuum salesman has the very best one too!

This is a joke right?

Bitcoin & gold reading this like...

A Wells Fargo analyst is the banking and commerce equivalent to a fairground fortune teller....

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Inside story: Humana's $100 million bet on telehealth startup Heal - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Wells Fargo Propel Amex review: Sign-up bonus, perks, and more - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. 2018?
Source: BusinessInsider - 🏆 729. / 51 Read more »

Anthony Levandowski gets 18 months in prison for trade secret theft - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. was it worth it? only if you steal a little more, meet Trump, then you will get out of jail free. mehdimkinsi
Source: BusinessInsider - 🏆 729. / 51 Read more »

Nikola stock price has surged 33% in 2 days ahead of earnings - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. elonmusk It is interesting. Nikola competes with Tesla. Very funny. テスラとニコラ？ 冗談みたいな話🤭
Source: BusinessInsider - 🏆 729. / 51 Read more »

These 3 stocks have surged more than 1,000% since the COVID-19 pandemic low - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. kingoftheD414
Source: BusinessInsider - 🏆 729. / 51 Read more »

Berkshire Hathaway stock price hits 5-month high on Buffett purchases - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »