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.
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