Exane BNP Paribas downgrades BBVA
Analysts at Exane BNP Paribas have downgraded their recommendation for BBVA to underweight from overweight.
The analysts also lowered Bankia's price target from €3.30 to €2.
Digital Look has given its own views on both Spanish stocks and sees a bullish outlook for BBVA, but a bearish outlook for Bankia:
BBVA TECHNICAL OUTLOOK
We have seen a substantial improvement in BBVA's stock performance after breaking out of resistance at €7. That resistance level also coincided with the 200-day moving average and thus it is likely that we will see a change of trend.
For the short-term, we expect some price consolidation although the excellent accumulation levels lead us to believe that the gains will continue towarsd at least €8.
BANKIA TECHNICAL OUTLOOK
The stock chart for Bankia reveals a very bearish technical outlook as the stock fell below the support level at €3.50. That support level was the bottom part of a trading range in which it has been trading for several months. We now expect a return to the November low of €3.12."
"We do not expect any bullish signals as long as it trades below €3.63.
BBVA was up 0.36% to €7.15 while Bankia showed a 1.01% loss to €3.41 this morning.