Earnings season is helping US banks move on from the turmoil that shook the sector earlier this year, according to Wells Fargo analyst Mike Mayo.

His bullishness comes as investors have hoisted the KBW Bank Index up roughly 7% this week amid reports from major lenders, outpacing a 1.2% gain in the S&P 500 Index. While results reflect the pressure of rising deposit costs, they have done enough to bolster investor confidence as the stocks battle back from their March plunge.

“This idea that banks are going to have a big liquidity, capital or solvency issue is off the table,” Mayo said in a Bloomberg TV interview. “With the bank earnings, the industry has turned a page.”

The bank stock bounce has been widespread, with well-received quarterly reports from lenders including Bank of America Corp., Morgan Stanley and U.S. Bancorp. The KBW Bank Index is gaining for a third day, with all of the two-dozen members trading in the green.

Goldman Sachs Group Inc. was the last of the big US banks to report when its earnings hit Wednesday morning. The stock is rising despite what was dubbed a “noisy” report, while Mayo said it marked one of the worst quarters under Chief Executive Officer David Solomon.

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The sector remains cheap in spite of recent gains, according to Mayo, who called valuations “ridiculous” and said the group is the least expensive it’s been aside from a crisis or recession in his three decades of experience. The KBW Bank Index is down 13% this year.

“This bank crisis discount, without a crisis, creates an opportunity for the banks in general,” Mayo said.

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