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BBVA: Barclays on hold, adjusts target price

( - Believing that "risks are balanced" and not expecting the stock to outperform in the near term, Barclays is maintaining its "equal weight" rating on BBVA shares, although has nudged up its corresponding target price from 6.
4 euros to 6.6 euros (current price exactly 5 euros, -4.5%).

The broker explains that it has raised its target price due to the offer for Garanti's minority shareholders, coupled with slightly improved forecasts in Mexico and Spain, and updated currency projections in some geographic areas.

Barclays sees the share's recent decline as a “clear disappointment on the Turkey Garanti minority buyout and more generally, bad news from Turkey, as well as poor visibility on capital allocation at its investor day.

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