Saying that banks have recovered their status as the soul of the Ibex is evident in 2021, in which its selective beats the indicator of the 35 values. If the IBEX 35 as a whole advances this year a 10,2% the banking sector IBEX 35 BANCOS does it by 39.88% nothing less, going back to 2019 levels.
SITUATION IN THE MARKET
The five financial entities They are at the top of the Ibex 35 so far this year. They consolidate the Top9 in which they are immersed with advances ranging from 103.3% of Banco Sabadell, the best entity of the year in the selective and the best value of the Spanish stock market, to 31% that Caixabank appreciates as ninth best value of the Ibex, after its merger with Bankia. Of the rest Bankinter is the third that rises the most, 56%, BBVA is placed fourth with 51%, Banco Santander advances 33.2% as the eighth best.
All in a long road to recovery after the crashes of 2020, in which the now first in line was the red lantern of the past. And with an expectation in 2021, with an increase in bad debts and insolvencies everywhere, which has finally not been fulfilled. In fact, the rise in bond yields is what has given wings to the sector, that with a little over two and a half months to the end of the year they continue to have a path in the market as we will see later.
All of them they remain with a very low level in their PVC, their Book Value Price. Therefore, very cheap compared to their book value. María Mira, Fundamental Analyst of Investment Strategies It brings us closer to a Banco Sabadell with 0.28v, Caixabank with 0.60v, 0.61v Santander, BBVA with 0.72v and Bankinter with 0.79v.
In the last month Sabadell recovers more than a significant 19.7%, Bankinter almost 8%, Santander gains 7.6%, CaixaBank advances 3% and BBVA raises its price by 7.4%.
The most recent recommendations touch squarely on CaixaBank. Up to five firms update their look at value this October. Oddo BHF places its target price at 3.30 euros per share, with advice to overweight the value. Autonomous will also overweight the stock with a PO of 3.47 euros, while KBW joins this recommendation cwith Caixabank’s target price of 3.73 euros per share, what gives you a potential of 37%. Close too JPMorgan overweight the entity with a PO of 3.25 euros per share. The last to raise its target price was Citigroup. Its PO is located at 2.85 euros per share from the 2.7 euros per previous share.
In the case of BBVA, Jefferies just raised its price target on the value of 6.60 euros at 6.80 per title, while Bank of America Merril Lynch advises to buy the security with a PO that reaches 6.90 euros per share and gives you a potential market run of 16.3%.
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