Top analyst Mike Mayo says Warren Buffett will be proven right with bank stocks set to rally 50%

Key Points
  • Wells Fargo's Mike Mayo told CNBC on Wednesday he sees strong upside for bank stocks in the next two years. 
  • For that reason, the top analyst said Warren Buffett is "on the right track" with his buying spree of Bank of America shares. 
  • "We think that bank stocks have the potential to increase by 50% over the next 18 to 24 months," he said on "The Exchange."

(This story is for CNBC Pro subscribers only.)

Pedestrians pass in front of a Bank of America Corp. branch in New York.
Mark Kauzlarich | Bloomberg | Getty Images

Top analyst Mike Mayo told CNBC on Wednesday he sees strong upside for bank stocks in the next two years, saying famed investor Warren Buffett's Berkshire Hathaway is "on the right track" with its buying spree of Bank of America shares. 

"We think that bank stocks have the potential to increase by 50% over the next 18 to 24 months," the Walls Fargo analyst said on "The Exchange." "I think it's underappreciated just how much heavy lifting the banks are doing and how they'll be able to pump their way through this."