UPDATE: Deutsche Bank Downgrades Banco Bilbao Viscaya Argentaria S.A. to Hold on Valuation
Deutsche Bank downgraded Banco Bilbao Viscaya Argentaria S.A. (NYSE: BBVA) from Buy to Hold.
Deutsche Bank noted, "While acknowledging the positives of its investment case, BBVA has had a strong run (+11% YTD; +76% since July 2012) and trades at 1.3x 2014E P/TBV, with an expected RoTE of 14.5% (European banks trade at 0.9x with an RoTE of 11%). We believe BBVA's valuation is adequate and already reflects the sovereign's improved outlook, the fact that the Spanish banking system is in better shape than in early 2012 and the expected profitability turnaround in 2014."
Banco Bilbao Viscaya Argentaria S.A. closed at $10.36 on Friday.
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