After bank earnings, strategist says one stock is 'best of breed' $JPM $BAC $WFC $C $GS (via TradingNation)
"What we've heard from the banks so far hasn't been very rosy," Tepper said on CNBC's ""Generally, you don't want to own banks in a recession, so if you're going to own one, you might as well own the best of breed, which is JPMorgan.", who was at the helm during the Great Recession.
"The number you want to keep in mind is book value. So, the book value is $76 per share — right now it's trading at 1.2 times book. When that price drops below $76, that's when you back up the truck and you buy it. And you're going to be really happy with the long-term returns if you do that, but the key word there is 'long term,'" said Tepper.
Maley says if the KBE ETF drops below $25, its March lows, that could be "incredibly negative" for the bank stocks. It ended Wednesday's session at $26.95."It's the best-managed company, it's the best-capitalized company out there. If this stock could bounce back and give it another higher high, just above about the $103 level, if it gets above that on a closing basis, it's going to give it a lot of momentum and really help the stock," Maley said.
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