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Deutsche Bank upgraded Banco Bilbao Vizcaya Argentaria SA (NYSE: BBVA) in a report issued Wednesday from Hold to Buy and increased its Price Target from €9.20 to €10.50
Analyst Raoul Leonard commented that “concerns are on the rise that Europe will slip back into recession, but we see BBVA as resilient and upgrade to BUY as a result, for three reasons:
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First, 74 percent of BBVA's core earnings power is non-Euro denominated, we estimate.
Second, the company is targeting 10 percent reduction of head office costs, and we see it as a major beneficiary of branch reductions and the move to digital (we expect positive revenue vs cost jaws group-wide).
Third, we view upcoming regulatory change - especially RWA harmonization and the Fundamental Review of the Trading Book - as a low risk for BBVA given its high RWA density and mix.”
Banco Bilbao Vizcaya Argentaria SA ADRs recently traded at $11.18, down 1.76 percent.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.