UBS cuts BBVA to 'neutral' on fading earnings catalysts

Banco Bilbao Vizcaya Argentaria SA

20/04/2026 10:01

** UBS downgrades BBVA BBVA.MC to "neutral" from "buy", citing more limited scope for positive EPS revisions and valuation upside, even as the Spanish bank remains well positioned in earnings growth, ROTE and shareholder distribution

** The broker says BBVA's "ambitious" four-year guidance has reduced room for upgrades, with slowing disinflation in Turkey weakening the most immediate catalyst; the stock now trades around sector-average valuation levels

** "Problem lies on the extent to which Turkey's disinflation trends can be interrupted (or even reversed) as higher oil prices kick in given the country's net energy importer status"

** Out of 25 analysts that cover BBVA, 15 rate the stock "strong buy" or "buy", ​eight rate "hold" and two​ rate it "strong sell" or "sell" - LSEG data

 (Reporting by Tiago Brandao)

 ((Tiago.Brandao@thomsonreuters.com;))