BBVA : Improvement in fundamentals but the valuation remains high
>Neutral maintained – target price raised to € 5.4 (vs € 4.8) - We have updated our forecasts, specifically to 1/ factor in the share buyback programme (10%) that is planned for the end of the year and associated, as a reminder, with the use (partial) of the capital buffer following the disposal of BBVA USA, but above all 2/ to take account of a number of adjustments to our approach to the group's operational outlook in the short and medium term. In the light of ...Banco Bilbao Vizcaya Argentaria is an international financial group, engaged primarily on providing banking services and consumer finance to private individuals and businesses in Spain and Portugal; providing real estate activity in Spain; providing services to international companies and investment banking, capital markets and treasury management services to clients; and providing the banking, insurance and pension businesses in Mexico and the U.S., as well as in South America.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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