BBVA: Jefferies still a buyer

(CercleFinance.com) - Jefferies confirms its 'buy' recommendation on and E12.
3 target price for BBVA shares, in a note devoted to the Iberian banks following their second-quarter publications, and minor changes to its 2024-25 earnings expectations.

The quarter confirmed continued strong revenue momentum in the domestic market, with across-the-board increases in net interest income, and consensus estimates catching up with our estimates, the broker notes at the sector level.

In Latin America, fundamentals are favourable (lower CoR in Brazil and continued high RoE in Mexico), but valuation multiples remain below historical averages, it adds.


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