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Wells Fargo’s Mike Mayo says he’s ‘all in’ on US bank stocks, upgrades Morgan Stanley

October 24, 2018

Via: CNBC

A widely followed financial analyst upgraded shares of Morgan Stanley on Wednesday and said he’s now bullish on every big U.S. bank.

“We reiterate our bull case on the largest US wholesale banks and now recommend 5 of 5 with an upgrade of Morgan Stanley from market perform to outperform,” Wells Fargo’s Mike Mayo said in am investor note titled “All-in on U.S. Global Banks.”

“Long-term, MS has evolved its business mix more than any other large bank with an increase in wealth and asset management to 1/2 the firm from 1/3 earlier this decade,” Mayo said.

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