Wells Fargo bank analyst Mike Mayo highlighted Citigroup as his favorite stock among U.S. banks.
Wells Fargo bank analyst Mike Mayo highlighted Citigroup stock as his favorite bank name on Tuesday while speaking on CNBC's " Squawk on the Street ." Shares of Citigroup could double over the next two-and-a-half years "simply by going back to tangible book value," Mayo said. Citigroup sold for 73% of tangible book at the end of June, up from 60% at the end of last December, according to FactSet data.
The analyst, who began his career in 1988 and worked at the Federal Reserve, UBS, Lehman Brothers, Credit Suisse, Prudential, Deutsche Bank and CLSA before landing at Wells Fargo in 2017, applauded U.S. banks for their resiliency. U.S. banks strengthened their operations during the pandemic to the point where they were able to weather 2023's regional bank mini crisis relatively unscathed.
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