NEW YORK ( TheStreet) -- While investors are unenthusiastic about bank stocks overall, they see major upside in JPMorgan Chase ( JPM - Get Report) and Wells Fargo ( WFC - Get Report), according to a report by Deutsche Bank.

Matt O'Connor, who analyzes bank equities for Deutsche, asked his firm's sales team to estimate clients' position in 17 bank stocks. According to this unscientific survey, about 77% of clients are overweight in JPMorgan stock and 70% are overweight in Wells Fargo. That compares with 24% overweight in bank stocks generally - mainly because of dour views on the outlook for regional banks.

Investors appear the most bearish on Regions Financial ( RF - Get Report), with 59% underweight that stock, followed by TCF Financial ( TCB) and BB&T ( BBT - Get Report), each with 50% of investors underweight.

"We remain positive on bank stocks overall given improving macro conditions, likely upside to loan growth expectations, and capital deployment at some banks," O'Connor said.

His top pick of money-center banks is JPMorgan, with Wells Fargo a top pick among "super regionals" and TCF among smaller regionals. He also holds buy ratings on Citigroup ( C - Get Report), Comerica ( CMA - Get Report), First Horizon ( FHN - Get Report) and PNC ( PNC - Get Report).

According to O'Connor's discussions with Deutsche's equity sales associates, hedge funds are more positive on banks than mutual funds and other long-only investors. About 40% of those clients overweight banks, 32% neutral and 28% underweight. By comparison, 32% of long-only clients are bullish on banks, with 45% neutral and 23% underweighting the sector.

-- Written by Lauren Tara LaCapra in New York.

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