BBVA: Oddo BHF remains positive, trimming TP
(CercleFinance.com) - Oddo BHF maintains its 'outperform' rating on BBVA shares in view of the solid outlook and fundamentals, albeit trimming its target price from E13.
6 to E13 due to an adjustment of certain valuation parameters.
The broker raises its net income forecast for 2024-26 by an average of 2%, notably due to a better outlook for revenues (NII, commissions) and despite a slightly more conservative approach to the cost of risk.
Oddo BHF stresses that the upside potential in relation to its price target is close to 40% (compared with around 15% on average for its sector coverage), although this must be qualified by the derating of the share since the offer for Sabadell.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.
6 to E13 due to an adjustment of certain valuation parameters.
The broker raises its net income forecast for 2024-26 by an average of 2%, notably due to a better outlook for revenues (NII, commissions) and despite a slightly more conservative approach to the cost of risk.
Oddo BHF stresses that the upside potential in relation to its price target is close to 40% (compared with around 15% on average for its sector coverage), although this must be qualified by the derating of the share since the offer for Sabadell.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.