Deutsche Bank Upgrades BBVA To Buy

Loading...
Loading...

 

 

Deutsche Bank upgraded Banco Bilbao Vizcaya Argentaria SA BBVA in a report issued Wednesday from Hold to Buy and increased its Price Target from €9.20 to €10.50

 

Analyst Raoul Leonard commented that “concerns are on the rise that Europe will slip back into recession, but we see BBVA as resilient and upgrade to BUY as a result, for three reasons:

 

First, 74 percent of BBVA's core earnings power is non-Euro denominated, we estimate. 

 

Second, the company is targeting 10 percent reduction of head office costs, and we see it as a major beneficiary of branch reductions and the move to digital (we expect positive revenue vs cost jaws group-wide). 

 

Third, we view upcoming regulatory change - especially RWA harmonization and the Fundamental Review of the Trading Book - as a low risk for BBVA given its high RWA density and mix.”

 

Banco Bilbao Vizcaya Argentaria SA ADRs recently traded at $11.18, down 1.76 percent.

date
ticker
name
Price Target
Upside/Downside
Recommendation
Firm
Posted In: UpgradesPrice TargetAnalyst RatingsDeutsche BankRaoul Leonard
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...