BBVA suffers 2 downgrades

Following last week's big earnings miss, BBVA is cut from Buy to Hold at Credit Suisse and from Hold to Sell at BAML.

The miss came about amid a €600M charge on a pool of €3.86B in Spanish loans now classified as non-performing.

Known as a Spanish lender, 71% of the bank's gross income comes from outside of that country, and 58% of income comes from emerging markets, namely Mexico and South America. While emerging market net income gained 11.1% Y/Y, developed market income fell 5.3%.

Full report.

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Comments (2)
  • Love_Aflac
    , contributor
    Comments (6) | Send Message
    BBVA is the best stock in Spain because it will be one of the stock most improved when economic recovery arrives to Spain. In addition to, BBVA is one of the companies with the most solvency of this country.
    Excuse me for my improper use of English, but I´m Spanish
    29 Oct 2013, 02:59 PM Reply Like
  • TippingPoint
    , contributor
    Comments (165) | Send Message
    Thanks. Good to hear from someone on the ground in BBVAs home country. I like the way BBVAs management has run the company, but Im still looking for the correct entry point on the stock.
    8 Dec 2013, 10:08 AM Reply Like
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