BBVA: Oddo raises target price
(CercleFinance.com) - Maintaining a "neutral" rating on BBVA shares, which analysts say is largely for valuation reasons, given the lack of potential for the stock to outperform the sector, Oddo BHF has raised its target price for them from 5.
9 euros to 6.3 euros (current price: 4.4 euros, +0.7%).
Last Friday the broker announced the publication of earnings that exceed expectations (+72% relative to the consensus), thanks to a better copy on the main P&L items, with financial targets confirmed over the medium term.
Oddo has increased its 2022/2024 earnings estimates for the Spanish bank by an average of 8%, particularly after a more positive review of the revenue outlook (including interest rate environment, business momentum).
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