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Evercore ISI's Glenn Schorr, one of Wall Street's best analysts, told investors the rally in financials will keep going due to President-elect Donald Trump's economic policies.
The Financial Select Sector SPDR Fund rallied 11 percent since the Nov. 8 election as of Friday's close.
"Animal spirits & higher confidence have returned and investors are now expecting a better revenue, expense, tax, capital & regulatory profile for financials and we might have just flipped from feeling pretty late cycle right back to early cycle depending on how much you want to buy into Trump's pro-growth agenda," Schorr wrote in a note to clients Monday.
"So while financial stocks have popped, earnings potential is better, and multiples can lift as money continues to pile into financials as investors see it as one of the best call options for a new economy ... Financials have outperformed ... since the election (regional banks most, asset mgrs. least) and we expect that to continue."
Schorr's picks have a 22 percent one-year average return and a 74 percent success rate for a profit, according to analyst ranking service TipRanks. That places him in the top 9 percent of all Wall Street analysts covering any industry.