Value investor Chris Davis likes 'cheap' bank stocks despite coronavirus challenges

A pedestrian wearing a protective mask walks past a Wells Fargo & Co. bank branch in New York, U.S., on Thursday, July 9, 2020.
Peter Foley | Bloomberg | Getty Images

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Value investor Chris Davis told CNBC on Monday that bank stocks are among the most attractive opportunities in the market, with the sector experiencing significant declines in 2020 as a result of the coronavirus pandemic

"The sector has been one of the worst-performing sectors. The valuations are cheap, yet they are prepared for this. They're weathering it," Davis said on "The Exchange." "These have been income-statement events, so we love the banks."