With Baird naming Wells Fargo a bullish fresh pick, two traders assess the prospects from one of Wall Street's worst-performing stocks.
"I think there's money to be made in the financial services sector," Bapis said. "People have shied away from it just because of the rate environment and because of what's going on with the pandemic, but I would turn towards JPMorgan."
"You have a company that's trading fairly cheaply relative to its profit margin and to what it could do going forward," he said. "So, I'm sticking to JPMorgan way over Wells Fargo and the other names." "It's a cheap stock, but sometimes the cheap stocks get a lot cheaper," he said in the same "Trading Nation" interview.Pointing to the chart, Maley noted that Wells Fargo is "one of the few stocks in the market that made a lower low below its March lows" in May at just above $22.50. It has since formed a double-top pattern, which is crucial to the stock's next move, he said.
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