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Don’t touch the peso — despite everything Mexico is doing, it’s still not a smart investment, says Wells Fargo analyst

The Mexican peso does not look attractive just yet, despite its recent surge following currency intervention by Mexico's central bank, Wells Fargo Securities currency strategist Eric Viloria told CNBC on Friday.

"Given that we would expect continued variability, probably stay clear of it, and then maybe look to buy into some weakness if we're looking out over the longer term," he told "Squawk Box."

On Thursday, the Banco de Mexico intervened to try to stabilize and strengthen the turbulent currency. The peso fell to record lows on Wednesday on worries that President-elect Donald Trump might impose sweeping changes to U.S. trade policy.

Going forward, Viloria said: "We think that it could go lower, but that over time we would expect that it could stabilize, maybe in the coming quarters."

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