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BBVA: Oddo BHF upgrades stock

( - Oddo BHF has upgraded its rating on BBVA shares from "neutral" to "outperform", having increased its target price for them by over 10% from 6 euros to 6.
7 euros, which suggests upside potential of around 25%, above peers in its sector coverage (median of around 10%).

The broker believes that there have been many developments in recent days, in particular with the announcement of an offer for Garanti's minority shareholders, which has largely contributed to raising its net profit estimates by around 14% on average over 2022-23.

Analysts say that the stock's performance since the beginning of the year is now less than that of the sector, which, despite the persistence of uncertainties/challenges makes the valuation more attractive in view of the recognised quality of its fundamentals.

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