BBVA: Oddo BHF raises TP

(CercleFinance.com) - Oddo BHF confirms its 'outperform' rating on BBVA shares, with a target price raised from E12.
9 to E13.3, bolstered by a Q1 performance that confirms the overall quality of the group's fundamentals and the encouraging trend in Turkey.

The broker says that the Spanish bank posted a good operating performance, confirming both its balance sheet strength and its prospects for improving profitability/return to shareholders.

Valuation remains attractive, despite the stock's fine run, Oddo BHF adds, whose new target price implies over 20% upside potential (compared with an average of around 10% for its sector coverage).


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