Bank of America Securities analyst Antonia Reale reiterated a Buy rating on Banco Bilbao Vizcaya Argentaria, S.A. (NYSE:BBVA) on January 9, raising the price target from EUR21 to EUR24.3. Earlier, on January 5, Citi also maintained a Buy rating on the stock and increased its price target from EUR21 to EUR21.5.
Analysts from Bank of America noted the bank holds solid market shares in Mexico, Turkey, and Spain, supported by a market capitalization of $133.7 billion. They stated that approximately 60% of profits come from Mexico, with expectations for further growth due to the USMCA trade agreements, which are anticipated to boost near-shoring activities despite ongoing volatility.
The firm also projected significant growth in Turkey, with profits expected to triple by 2028, even with higher provisions. Additionally, Bank of America pointed out that BBVA trades at a discount compared to peers and its fair value, achieving around 22% return on tangible equity alongside anticipated share buybacks.
Banco Bilbao Vizcaya Argentaria, S.A. is a Spain-based multinational bank providing diversified financial services, including retail and wholesale banking, asset management, private banking, and insurance.