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.


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