BBVA’s impressive earnings and the launch of a share repurchase plan acted as a catalyst for its share price and for the entire Spanish banking sector, which had suffered declines the previous day.
Investment bank Jefferies upgraded BBVA to its high conviction list and increased price target to €27, citing Mexico exposure as a positive factor
BBVA is the European bank that rises most when US long-term debt yields increase. Santander and CaixaBank stock valuations have also been historically boosted by this dynamic.
Spanish bank BBVA is expanding its attack on the German retail banking market by launching a credit card offering cashback rewards and zero fees, intensifying competition in the highly competitive retail banking sector.