BBVA : The main rerating levers are now less obvious!
We are downgrading our recommendation to Neutral (from Outperform, target price reduced to € 22.0 from € 23.5) following the recent sharp rise. The main drivers of the re-rating over the past two years (Mexico, Turkey, Spain, shareholder returns) remain but no longer appear sufficient to support outperformance relative to the banking sector in the short to medium term.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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