BBVA: UBS upgrades to 'buy'
(CercleFinance.com) - UBS on Friday said that it has upgraded its rating on BBVA from "neutral" to "buy," given the stock's attractive valuation relative to European peers.
UBS said the upgrade is due to stressed Mexican/Turkish valuations, accelerating earnings in developed markets, and the Spanish bank's sound capital position.
"Stock trades 15% cheap to Euro peers," UBS analysts also said in a note sent to clients.
They also raised their target price on the stock from 7.60 euros to 8.50 euros, representing upside potential of 27%.
After these comments, BBVA shares were up 0.7% at 6.7 euros in a Madrid market that was slightly firmer. The stock has fallen by 5.6% year-to-date.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
UBS said the upgrade is due to stressed Mexican/Turkish valuations, accelerating earnings in developed markets, and the Spanish bank's sound capital position.
"Stock trades 15% cheap to Euro peers," UBS analysts also said in a note sent to clients.
They also raised their target price on the stock from 7.60 euros to 8.50 euros, representing upside potential of 27%.
After these comments, BBVA shares were up 0.7% at 6.7 euros in a Madrid market that was slightly firmer. The stock has fallen by 5.6% year-to-date.
Copyright (c) 2018 CercleFinance.com. All rights reserved.