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Berger: Why I am buying Wells Fargo

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Worries about European banks have spilled over to the US markets, says Serge Berger. But he believes that the sell-off is overdone and is looking to buy Wells Fargo stock.

According to Berger, financials in the S&P500 have dropped about 20% this year with some of the large banks “extremely oversold” with Wells Fargo down 20-25%. Berger is looking to buy at USD 47 or higher with a target on the trade of USD 50 and a stop loss at USD 45-70.