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BBVA: UBS downgrades its rating to 'neutral'

( - Investment bank UBS cut its rating on BBVA on Wednesday, downgrading the stock from "buy" to "neutral".

It has also slashed its target price from 5.85 euros to 3.30 euros.

In a report on Spanish banks, UBS highlighted the consequences of broad-based rate cuts on BBVA, also predicting soft volume and fees beyond 2020.

In particular, BBVA has a heavy exposure to Mexico, which seems to be facing a larger economic challenge due to the combination of the virus outbreak, collapse in oil prices, which adds to already deteriorating conditions in 2019, the broker commented.

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