Oddo BHF maintains its 'outperform' rating on BBVA shares, with its target price raised from 13.3 to 13.6 euros.

BBVA's operating performance in Q2/S1 2024 remains solid on both the operational and balance sheet fronts. The Group reiterates its confident message regarding its 2024 guidance (as a reminder, the horizon of the current MT strategic plan), reports the analyst.

We are raising our 2024-26th NR guidance by an average of 4%, notably due to the more favorable outlook for revenues (NII, commissions), and despite a slightly more conservative approach to costs and the cost of risk", concludes the broker.


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