Exane BNP Paribas analyst Ignacio Ulargui downgraded BBVA to Underperform from Neutral with a EUR 9.40 price target. The analyst sees limited upside and finds the stock “valuation-rich” on a relative basis. The firm dislikes BBVA’s move for Sabadell and thinks the revenue dis-synergies are understated.
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Read More on BBVA:
- BBVA price target raised to EUR 11.40 from EUR 10.85 at Deutsche Bank
- Second largest Sabadell holder supports BBVA takeover, Bloomberg says
- Banco Sabadell rejects merger proposal from BBVA
- Sabadell leans toward starting talks with BBVA, Bloomberg reports
- BBVA price target raised to EUR 11.70 from EUR 11.40 at Barclays