BBVA: Challenging market's negativity

研报英文原文证据摘录

BBVA: Challenging market's negativity

Deutsche Bank

Research

Rating Company Date

Buy BBVA 14 May 2026

Forecast Change

Europe

Spain

Reuters Bloomberg Exchange Ticker Price at 12 May 2026 (EUR) 18.53

BBVA.MC BBVA SM MCE BBVA

Price Target (EUR) 21.30

Banks

ADR ISIN 52-week range (EUR) 22.03 - 12.63

BBVA US05946K1016

Challenging market's negativity

Valuation & Risks

Alfredo Alonso

Strong resilience amidst potential macro headwinds Research Analyst

BBVA’s solid 1Q26 performance challenges expectations of a mixed delivery, +34-913351153

particularly those driven by potential macro deterioration in key geographies. While

Atul Hanamante

acknowledging potential volatility and slowdown risks in some regions, we Research Associate

anticipate robust group-level resilience, with a generally controlled cost of risk.

Strong contributions from Spain and a resilient Mexico (even amidst macro

concerns), coupled with the CIB business, provide a significant buffer against Key changes

headwinds, leading BBVA to issue slightly more positive guidance. In this regard, TP 20.70 to 21.30 ↑ 2.9%

despite ongoing macro challenges, we expect a gradual improvement in still- EPS (Stated) 2.03 to 2.09 ↑ 3.0%

troubled Turkey and South America, without significant deviation in asset quality.

Source: Deutsche Bank

Balanced performance drives strategic alignment Price/price relative

With an overall balanced and dynamic performance, we believe current 30

developments provide reassurance about BBVA’s ability to navigate complex 20

environments while maintaining strong profitability and capital levels. This is 10

supported by a robust revenue generation, underpinned by its digital advantage,

which could also support further efficiency improvements. As a result, we align 2024 2025 2026