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BBVA: UBS raises price target

( - UBS confirms its 'buy' recommendation for the BBVA (Banco Bilbao Vizcaya Argentaria) share with a target price upgrade from 7.
1 to 7.3 euros, a new target that implies upside potential of 47% for the Spanish banking institution's share.

“3Q results should help bring BBVA's positive earnings momentum and cheap ex-Turkish valuation to the fore”, says the broker, which considers “defensive Spain/Mexico combo still at a large discount”.

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