Wells Fargo's Mike Mayo called Bank of America his number one pick for a "favorable bank investment." Mayo reiterated his overweight rating on the stock, saying in a late Tuesday note that Bank of America's stock price is promising even after pricing in a recession. Bank of America shares are down nearly 26% from their 52-week high. "We reiterate our Overweight rating on BAC and see a favorable reward-to-risk scenario of at least 3-to-1 and a weighted average return for the stock of up 40%, assuming a one-third chance of recession," Mayo said. "What's surprising to us is that BAC would still generate ROTCE [return on tangible equity measures] of an estimated 10% in a typical recession, showing support on the downside, in our view," he continued. Wells Fargo has a $66 price target on Bank of America, or about 78% above where shares closed Tuesday. Bank of America's stock could get a boost thanks to higher net interest income (NII), which they expect will drive revenues over the next three to four years. "Our base case is still for a stock price that increases by est. 3/4 over 12-18 months, aided by an estimated 1/2 increase in NII from 2021E-2024E—i.e., BAC reflects our theme of `NII to the Sky'—even in a bear case—better than any other large bank," Mayo wrote. Shares of Bank of America edged upward in Wednesday premarket trading. —CNBC's Michael Bloom contributed to this report.