Jim Cramer Says He Likes "Wells Fargo Now That Its Asset Cap Has Been Lifted"

Wells Fargo & Company (NYSE:WFC) is one of the stocks Jim Cramer discussed after the Fed rate cut. Cramer noted that the company’s stock is “up on a spike” along with Capital One, as he commented:

“For ages, banks have been valued on their net interest income, meaning how much they make on the difference between what they pay for your deposits and what they charge you for your loans. Now, you have to switch direction and think which banks will lend more, as there’s going to be plenty of demand. And that’s a much better way to own a bank stock. That’s why I like Wells Fargo now that its asset cap has been lifted, and Capital One because it bought Discover and is about to rival the big other credit card companies. They’re up on a spike, both of them. Maybe you got to wait a bit, but I got to tell you something, you want to own them now.”

Wells Fargo & Company (NYSE:WFC) provides financial services, including banking, lending, investment, and wealth management solutions.

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Disclosure: None. This article is originally published at Insider Monkey.