[Photo by Keith Allison / flickr]

Speaking on CNBC’s ‘Fast Money’, top-rated analyst Mike Mayo, a managing director at CLSA, said that banks still have plenty of upside left, even after November’s record highs, in which the S&P gained 3.4% and the SPDR S&P Bank ETF gained 18.7%.

"I'd say that the U.S. banking industry is in a way like the LeBron James of the stock market. They have incredible defense, the most resilient balance sheets in a generation, but now with this pro-growth agenda, they might also have a little bit of offense, too."

Mayo argued that the sector will gain amid potentially lower corporate tax rates and higher interest rates, so long as there isn't an increase in regulatory burdens.

While some may argue that regulations have hindered the sector, Mayo explained that regulations have helped reinforce the foundation of the banks in the wake of the Great Recession. Current levels of regulations are appropriate and "now it's time to let banks facilitate growth," he said.