BBVA: Oddo BHF raises target price

(CercleFinance.com) - Oddo BHF maintains an 'outperform' rating on BBVA shares, with its price target raised from E11.
7 to E12.9, based on an increase in its net income expectations (+4% on average over 2024-26) and an adjustment of its valuation parameters for Turkey.

The broker highlights the strength of fundamentals and the short-to-medium-term prospect of a gradual reduction in the discount applied to the Turkish activities in the valuation of the Basque banking group.

The upcoming municipal elections in Turkey (at the end of the month) could be a key milestone in our investment thesis, the analyst says, whose new target price implies nearly 30% upside potential for the stock.


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