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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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