BBVA : Still on track from an operating/balance sheet perspective
>Outperform rating maintained – target price raised to € 10.8 (vs € 10.5) - BBVA posted slightly better than expected net income at € 2.1bn (+4% vs css), mainly driven by more robust than forecast revenue growth (+8% vs css, with +7% for NII and +12% for commissions) while costs and LLP were higher than anticipated (resp. +7% and +6% vs css). The group confirmed its medium-term financial guidance (notably RoTE which is forecast in the ‘high teens’ vs 14% and a C/I rat...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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