Oddo BHF has reaffirmed its 'outperform' rating on BBVA, raising its target price from 10.8 to 11.7 euros, on the heels of a publication showing 'a strong end to 2023 and a solid outlook for 2024 and the medium term'.

'Our outperform rating is confirmed, with the fourth quarter of 2023 confirming the overall quality of the Group's fundamentals and a more encouraging trend in Turkey', says the analyst, who also points to an attractive valuation level.

The research department is raising its 2024-26 net income guidance by an average of 5% 'notably due to the encouraging outlook for revenues, and despite a slightly more conservative approach to costs and the cost of risk'.

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