UBS raises CaixaBank to 'buy' as stock underperformance narrows gap to peers

CaixaBank SA

23/09/2026 10:10

** UBS upgrades CaixaBank CABK.MC to "buy" from "neutral", saying the shares are no longer expensive relative to the Spanish lender's growth and returns profile
** The broker sees CaixaBank as one of the best-positioned Iberian banks, after a 10 percentage-point underperformance since Q2 results left the stock trading broadly in line with domestic peers
** It expects the bank to deliver faster earnings and tangible book value growth than Spanish peers, supported by stronger loan growth, relatively resilient deposit base and higher net interest income
** UBS also sees more than 5% upside to earnings estimates if 12-month Euribor remains near current levels rather than falling to the 2.5% assumed in the broker's forecasts

(Reporting by Gemma Guasch)
((Gemma.guasch@thomsonreuters.com))