Wells Fargo analyst Michael Kaye calls shares of Sallie Mae an "attractive value" trading at 10 times his 2019 earnings estimate. ValueAct's recent investment underscores that the shares are undervalued, Kaye tells investors in a research note. With investors concerned about where we are in the credit cycle, Sallie Mae's high credit quality portfolio stands favorably compared to other consumer finance companies, the analyst contends. He believes the company is poised to have a "strong" peak origination season which should serve as a catalyst for the shares. Kaye keeps an Outperform rating on Sallie Mae with a $14 price target.