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Why Citi and Goldman Belong on Your Radar Right Now

With more uncertainty ahead in Europe and here in the U.S., are the banks a value trade or a value trap?

A top analyst on Friday told the "Fast Money Halftime Report" the banks are a buying opportunity. Jeff Harte, an analyst with Sandler O'Neill, said we're seeing a defensive rotation away from bank stocks in reaction to a lot of uncertainty and some disappointing economic news.

But looking out beyond summer, he thinks we'll have clarity on a lot of the things people are uncertain about. We'll also find that much of the economic slowdown we're currently seeing is due to Japan being offline, he said. After all, Japan is a major manufacturing center. So overall, the trends should improve in another four months or so.

So long as you can suffer the near-term pain, Harte said investors should consider buying the banks now.

Harte likes Citigroup because it's least exposed to the struggling U.S. consumer, where a lot of the financial regulation will soon kick in. It's also most exposed to the fast-growing emerging markets.

He's also bullish on Goldman Sachs .

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Trader disclosure: On June 17, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Stephen Weiss Owns (TWM), (SDS), (QCOM), (JPM), (EMC), (TEVA), (MSFT), (MDRX), (HAIN), (MRK), (NS), (ETP), (MDT), (UUP), (HK), (DVN), (COP) and (AKAM). Stephen Weiss Is Short (X). Stephen Weiss Is Short (FLR). Stephen Weiss Is Short (FWLT). Stephen Weiss Is Short (SHAW). Stephen Weiss Owns (USO) Puts. Patty Edwards Owns (FXC) and (XLK). Steve Grasso Owns (AKS), (AMD), (ASTM), (BA), (BAC), (C), (D), (HOV), (JPM), (LIT), (LPX), (MHY), (NDAQ), (PFE) and (PRST). Jon Najarian Owns (BJ) Call Spreads. Jon Najarian Owns (CTXS) Call Spreads. Jon Najarian Owns (GS) Call Spreads. Jon Najarian Owns (YOKU) Call Spreads. Jon Najarian Owns (UA) Call Spreads.

PATTY EDWARDS
Edwards Owns (GOOG) For Clients
Edwards Owns (SDS) For Clients
Edwards Owns (SPY) For Clients
Edwards Owns (QQQ) For Clients
Edwards Owns (COST) For Clients
Edwards Owns (BMO) For Clients
Edwards owns (COP) for clients
Edwards owns (TGT) for clients
Edwards owns (TAL) for clients

STEVE GRASSO
Stuart Frankel & Its Partners Own (ABX)
Stuart Frankel & Its Partners Own (CSCO)
Stuart Frankel & Its Partners Own (CUBA)
Stuart Frankel & Its Partners Own (GERN)
Stuart Frankel & Its Partners Own (HPQ)
Stuart Frankel & Its Partners Own (HSPO)
Stuart Frankel & Its Partners Own (MU)
Stuart Frankel & Its Partners Own (MSFT)
Stuart Frankel & Its Partners Own (NYX)
Stuart Frankel & Its Partners Own (PFE)
Stuart Frankel & Its Partners Own (PFST)
Stuart Frankel & Its Partners Own (SDS)
Stuart Frankel & Its Partners Own (UAL)
Stuart Frankel & Its Partners Own (XRX)
Stuart Frankel & Its Partners Are Short (QQQQ)
Stuart Frankel & Its Partners Are Short (AAPL)

TODD GORDON
Accounts Managed By Aspen Trading Group Are Short EUR/CAD

JEFF HARTE
Sandler O'Neill Expects To Recieve/Seek Investment Banking Compensation From (BAC), (BK), (C), (JEF), (JPM), (NTRS) In Next 3 Months
Sandler O'Neill Has Recieved Non-Investment Banking Compensation From (BAC), (C), (GS), (JPM), (MS), (NTRS)
(BAC), (BK), (C), (GS), (JPM), (MS), (NTRS) Is A Non-Investment Banking Client (Securities-Related Services) Of Sandler O'Neill
Sandler O'Neill Has Received Investment Banking Compensation From (C), (JPM) In Past 12 Months
(C), (JPM) Was An Investment Banking Client Of Sandler O'Neill
Sandler O'Neill Is A Market Maker In (NTRS)

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