Oddo BHF confirms its 'outperform' rating on BBVA, with a price target raised from 12.9 to 13.3 euros, 'bolstered by a first-quarter performance confirming the overall quality of the group's fundamentals and the encouraging trend in Turkey'.

The research house points out that the Spanish bank posted a good operating performance, confirming both its balance sheet strength and its prospects for improving profitability/return to shareholders.

Valuation remains attractive, despite the stock's fine run," adds Oddo BHF, whose new price target implies a potential upside of over 20% (compared with an average of around 10% for its sector coverage).

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