BBVA : Q3 2021 confirms improvement in fundamentals, but it is already priced in
>Neutral rating maintained – target price raised € 6.0 (vs € 5.4) - The group reported better-than-expected earnings (+30% vs cons), mainly thanks to a much lower CoR level, but also a better showing for the top line (mainly NII & trading). All told, we have integrated into our updated estimates a less conservative approach regarding the cost of risk and BBVA’s capacity to steer its operating leverage (expected improvement in the outlook for the top line & increased e...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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