BBVA: Jefferies remains Buy

(CercleFinance.com) - Jefferies reaffirms its 'buy' recommendation and 12.
3 euro price target on BBVA, in a note devoted to the Iberian banks following their second-quarter publications, and minor changes to its 2024-25 earnings expectations.

At sector level, the broker notes that "the quarter confirmed continued strong revenue momentum in the domestic market, with net interest income up across the board, and consensus estimates catching up with our estimates".

"In Latin America, fundamentals are favorable (lower CoR in Brazil and continued high RoE in Mexico), but valuation multiples remain below historical averages", he continues.

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