UBS remains Buy on the stock and raises its target price to E5.6 (from E5.45), which represents a potential upside of 43%.

' A largely stable situation after the fourth quarter leaves Caixa Bank heavily discounted in absolute terms, but the stock is not obviously cheap in a national or European comparison' says UBS.

' At first sight, the forecasts do not provide any significant upside. The small setback in Q4 and the lack of an obvious upside in forecasts to 2024E could put short-term pressure on Caixa Bank' adds the analyst firm.


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