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Mike Mayo’s Big Bank Optimism Climbs on Deal-Making Rebound
Mike Mayo’s Big Bank Optimism Climbs on Deal-Making Rebound
(Bloomberg) -- A resurgence in capital raising is pumping up one of Wall Street's biggest bulls. Wells Fargo & Co.'s Mike Mayo hiked his price targets for some of the largest US lenders with a prediction that activity would hit record levels this year and next.
The analyst raised estimates and price targets on money center banks JPMorgan Chase & Co., Citigroup Inc., Morgan Stanley, Goldman Sachs Group Inc. and Bank of America Corp. by as much as 14%. Big US banks are set to “benefit from scale, deregulation, and especially capital markets that seem stronger than previously expected,” he wrote in a note assigning three of the five banks Street highs.
The veteran analyst correctly predicted the rebound in banks early last year. Now, with some of the biggest US lenders trading at, or near, records and outstripping the broader market, his team expects even more gains.
A wave of dealmaking as well as debt refinancings is setting up the lending giants for an even better performance with record capital market revenue expected for both 2025 and 2026, Mayo wrote in a note dated Tuesday.
Companies globally have announced more than $1 trillion in deals since June, defying the normal seasonal slowdown. The summer surge shows how dealmakers have continued a strong recovery from what was a disappointing start to the year, when volatility surrounding US President Donald Trump's trade wars dampened enthusiasm around M&A.
Read: Dealmakers Top $1 Trillion in M&A With Best August Since '21
Current dealmaking activity is more aligned with Mayo's bull case scenario. He expects the streak to continue amid pent-up demand and monetization of near-record backlogs.
Earlier this month Citigroup Chief Executive Officer Jane Fraser said merger activity is rebounding as US companies gain confidence from clearer policy signals. Meanwhile, Goldman Sachs said dealmaking is poised to hit record volumes in 2026 if market conditions continue to improve.
More stories like this are available on bloomberg.com
©2025 Bloomberg L.P.
Source: LiveMint
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