BBVA : No notable hiccups in Q1 2021 but struggling to fully reassure
>Neutral maintained - Target price raised to € 4.8 (vs € 4.5) - The group has published net profit that beat forecasts but with a lacklustre operational performance (principally driven by the normalisation of the cost of risk, trading and the contribution from divested activities in the US). All told, we have factored into our updated estimates a slightly less conservative approach on the trend for the cost of risk and BBVA’s capacity to steer its operational leverage...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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