BBVA: share price up, broker raises target

(CercleFinance.com) - BBVA has gained almost 2% in Paris, after Oddo BHF confirmed its 'outperform' recommendation on the stock, with a price target raised from 11.
7 to 12.9 euros, on the back of an increase in its net income expectations (+4% on average over 2024-26) and an adjustment of its valuation parameters on Turkey.

The research firm highlights the solidity of the fundamentals and the short- to medium-term prospect of a gradual reduction in the discount applied to Turkish activities in the valuation of the Basque banking group.

"The upcoming municipal elections in Turkey (at the end of the month) could be a key milestone in our investment thesis", judges the analyst, whose new price target implies a potential appreciation of nearly 30% for the share.

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