Morgan Stanley stock appears on track to double, top-rated bank analyst Mike Mayo of CLSA said Tuesday.
"My three top picks, as you've heard before on this show, are Morgan Stanley, Morgan Stanley, Morgan Stanley," he said on CNBC's "Fast Money."
"It's done great," he added. "It's been a double since July of last year, and we think it's on the way to doubling again over the next three years."
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Mayo acknowledged that the financial sector was under pressure.
"Revenues stink in the banking industry. We still think that this decade will be the worst decade for bank revenue growth since the decade of the Great Depression," he said. "Loans have hardly grown this year in aggregate. Mortgage revenues are going down, and trading are taking a little his this quarter."
But he also added that he was positive on Morgan Stanley and Citigroup, "both which are at multiyear turning points, and where the restructuring story can cut through the revenue weakness."