An analyst's upgrade of Wachovia Corp. demonstrated a shift away from the conventional wisdom about bank stocks.

Richard X. Bove of Raymond James & Associates raised his rating on the Winston-Salem, N.C.-based banking company last Friday to "accumulate" from "neutral." But his reasoning was exactly opposite to the traditional view, that falling interest rates are good for banks.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.