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With Deutsche Bank making headlines daily, it's been a rough start to the year for financials, but some analysts remain optimistic on the sector.
"I think Deutsche Bank is is more of a special situation. What's really unique about Deutsche Bank is that it doesn't have any good businesses," said Davis.
The analyst added that this doesn't mean the bank is worthless, but that a number of Deutsche's branches are struggling, including the investment banking and asset management divisions. Davis also said that there are still a few bright spots in safer businesses.
"The regulatory environment is making investment banking in general much worse business than it was 10 years ago ... I think that retail and commercial banking is still a pretty safe business in Europe," she said.
For investors that are skittish on the European banks, there may be more opportunities in big U.S.banks. Chris Wheeler, bank analyst at Atlantic Equities, also told "Power Lunch" on Tuesday that American financial institutions are much better positioned than their European counterparts.
"The good news is people have recognized U.S. banks have been pushed along more quickly to repair their capital, their leverage ratios and these banks are in a much better position and further down the line," said Wheeler.
Other investors are afraid that the pressure on the financials is starting to resemble the housing crisis of 2007 and 2008, but Paul Miller, FBR Capital's managing director, said that this is not the case.
"This is not like the housing crisis in '07 and '08 when the banks had the first, second and third loss positions. ... You just don't have that type of risk out there. However, nobody wants to hear it right now," Miller said on "Power Lunch."
Miller also noted that there is a huge opportunity in regional banks.
"Once we start getting some stabilization in the 10-year and get some stabilization in oil prices you will start to see these bounce nicely. ... That's where I think the value investors who have discipline are going to do very well once the market starts to turn," Miller said.