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BBVA: shares underperform after Berenberg target cut

( - BBVA shares are slightly underperforming the Spanish stockmarket on Thursday after Berenberg cut its target price for the share of the banking giant.

A Berenberg research report issued this morning maintained its "sell" rating on the stock and cut its corresponding target price from 4.8 euros to 4.2 euros.

BBVA shares were up 0.3% on Thursday at 4.7 euros, slightly underperforming 0.5% rise in Madrid's IBEX 35 blue-chip index.

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