BBVA : Positive recent developments not offsetting significant longer-term uncertainties; ‘Reduce’ recommendation unchanged
BBVA held last Thursday a meeting for sell-side fixed-income analysts with the group CFO. It provided a timely and relevant opportunity to discuss BBVA’s recent upwards revisions and the hot M&A news flow in the Spanish banking sector. While we acknowledge the outperformance from Mexico (which surprised BBVA itself), economic uncertainties remain significant in the group’s core markets and the resurgence of the pandemic is hardly reassuring. On M&A, BBVA’s CFO confirmed the incre...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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