JPMorgan Analysts Say Cautious Call on European Banks Was Wrong [BNN Bloomberg (Canada)]
Banco Bilbao Vizcaya Argentaria S.A. (BBVA)
US:NYSE Investor Relations:
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Source: BNN Bloomberg
Favorable economic and interest rate trends have helped drive a 16% price-to-earnings improvement across the sector, a team led by Kian Abouhossein wrote in a note Tuesday. That counters their previous stance that negative consensus earnings per share revisions would weigh on lenders, the analysts said. “We have been cautious on European banks which has not been the right decision,” Abouhossein wrote, adding that they had removed that view to focus on bottom-up stock selection. The Stoxx 600 Banks Index is 11% up since the start of the year, the second-largest gain among European industries. The region's banks have benefited from higher interest rates, which feed through to bigger lending margins. Still, the analysts noted that they are “not outright positive” on the sector as it is in the final leg of a re-rating. The analysts “take some consolation” from the fact that their top picks, which include Intesa Sanpaolo SpA, Banco Bilbao Vizcaya Argentaria SA, UBS Group AG and De
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Earnings
- 4/29/24 - Beat
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Analyst Actions
- 3/25/24 - Barclays PLC
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Sec Filings
- 4/29/24 - Form 6-K
- 4/29/24 - Form 6-K
- 4/29/24 - Form 6-K
- BBVA's page on the SEC website