BBVA: Crédit Suisse cuts target price
(CercleFinance.com) - Credit Suisse reiterates its "underperform" rating on the BBVA share, while cutting its corresponding target price from 2.
5 euros to 2.3 euros, in a report on the main Spanish banks, on which it says it remains cautious.
After the second quarter, BBVA and Santander underperformed the European banking sector by some 5%-8%, although analysts "continue to see potential downside risk to consensus estimates for both revenue growth and cost of risk (CoR) across emerging markets".
Crédit Suisse underlines "Headwinds post Q2: GDP expectations, FX and Euribor deteriorated almost across the board", which it believes "will act as a further headwind to consensus estimates".
Copyright (c) 2020 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.
5 euros to 2.3 euros, in a report on the main Spanish banks, on which it says it remains cautious.
After the second quarter, BBVA and Santander underperformed the European banking sector by some 5%-8%, although analysts "continue to see potential downside risk to consensus estimates for both revenue growth and cost of risk (CoR) across emerging markets".
Crédit Suisse underlines "Headwinds post Q2: GDP expectations, FX and Euribor deteriorated almost across the board", which it believes "will act as a further headwind to consensus estimates".
Copyright (c) 2020 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.