Spanish banks are once again one of the main protagonists in the reports of the analysis houses. On the one hand, Barclays He insists on mergers and believes that, with the current scenario, negotiations will accelerate in the autumn. For another, Deutsche Bank 'only' recommends buying Caixabank, Liberbank and BBVA.
The British bank has lowered the capital raising requirements to 1.8 billion euros after the latest guidelines published by the ECB.
Barclays has just published another report in which, after conducting a survey among investors, they only saw "strategic sense" a a merger between Bankia and Sabadell. But some have reservations. "The main reason is the current economic crisis derived from the pandemic and, other factors discussed, allude to political issues such as the future role of the FROB (Bankia's main shareholder with 61% of its capital)," continues Barclays.
Deutsche Bank also reviews Spanish banks in its latest report. The German bank only gets wet with CaixaBank, Liberbank and BBVA, considering that the rest of the entities are also cheap, but not so cheap. As sectoral headwinds it points to "prolonged pressure on its margins, macro deterioration … As catalysts, the German entity sees a" relaxation of regulation and a more aggressive monetary policy ".
The German entity remembers that the analyst consensus predicts the largest increases in Liberbank (+ 58%), Sabadell (+ 24%) and BBVA (+ 9%). In the case of the first two, it is especially credible considering the collapse they have accumulated in recent weeks. As the technical analyst of Bolsamanía, J.M. Rodríguez, "nothing falls forever and ever without its corresponding rebound".
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