CaixaBank: Jefferies still a buyer, adjusts target price
(CercleFinance.com) - While shaving a fraction off its target price (from 3.
30 euros to 3.20 euros), broker Jefferies reiterates its "buy" rating on the share of CaixaBank, believing that the Catalan bank "offers a better revenue mix than peers in a low rate environment."
The broker highlights the weight of asset management and larger insurance, as well as more defensive margins, while "we continue to believe management's conservative cost guidance for 2021 can be bettered".
"IRPH tail risk cannot be ignored, but meaningful downside already appears to be priced in by the market," the broker adds.
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