Bankia: shares outperform following broker upgrade
(CercleFinance.com) - Bankia shares are up slightly on Wednesday, after UBS upgraded the stock from "sell" to "neutral," seeing room for the Spanish bank to distribute excess capital.
The broker - which also raised its target price on the stock from 3.60 euros to 3.90 euros - cites the "scope for a large capital repatriation step-up in next week's plan".
Bankia will present its strategic plan on 27 February.
Its shares are currently trading up 0.1% at 3.99 euros on the Madrid Stock Exchange this Wednesday, outperforming the Spanish market, which is down almost 1%.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The broker - which also raised its target price on the stock from 3.60 euros to 3.90 euros - cites the "scope for a large capital repatriation step-up in next week's plan".
Bankia will present its strategic plan on 27 February.
Its shares are currently trading up 0.1% at 3.99 euros on the Madrid Stock Exchange this Wednesday, outperforming the Spanish market, which is down almost 1%.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.