Jim Cramer: Take a Long-Term View on Wells Fargo, Banking Sector

TheStreet's Jim Cramer says even though Wells Fargo is more expensive than the other banks, it's too good a franchise to be traded for 2 or 3 points. When it comes to Wells and other banks, he advises investors to take a longer-term view. Cramer says banks are the most undervalued group in the market and Wells Fargo has an attractive valuation. With interest rates going down, some say numbers are going to get cut. But Cramer says Wells Fargo is a buy after they report the quarter. The bank was downgraded on Monday by analysts at Robert W. Baird from an OUTPERFORM rating to a NEUTRAL rating with a price target of $55.