Bankia: Jefferies downgrades to 'underperform'
(CercleFinance.com) - Jefferies has cut its rating on the Bankia stock from "hold" to "underperform," citing downside to both consensus earnings and fundamental valuations.
In a note dedicated to the Spanish banks, the US broker said that it has lowered its target price for the share from 2.60 euros to 2.10 euros.
Jefferies thinks the bank is more pressured in a low-rate environment and believes that the prospects of additional capital return have fallen in the near term.
Shares in Bankia are trading at around 2.5 euros on Tuesday, up 1.1%, while the IBEX 35 index of Spanish blue chip stocks was up 0.7%.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
In a note dedicated to the Spanish banks, the US broker said that it has lowered its target price for the share from 2.60 euros to 2.10 euros.
Jefferies thinks the bank is more pressured in a low-rate environment and believes that the prospects of additional capital return have fallen in the near term.
Shares in Bankia are trading at around 2.5 euros on Tuesday, up 1.1%, while the IBEX 35 index of Spanish blue chip stocks was up 0.7%.
Copyright (c) 2019 CercleFinance.com. All rights reserved.