Banco Bilbao (BBVA) has been upgraded to a Zacks Rank #1 (Strong Buy), reflecting growing optimism about the company's earnings prospects. This might drive the stock higher in the near term.
BBVA earnings call for the period ending March 31, 2022.
MADRID (Reuters) -Spain's BBVA beat forecasts on Friday with a 36.4% year-on-year rise in first quarter net profit, driven by a strong performance in emerging markets, while competitor Caixabank suffered some pressure on lending income. Net profit at BBVA came in at 1.65 billion euros ($1.74 billion) in the January to March period, more than the 1.24 billion euros forecast by analysts polled by Reuters. Like larger Spanish rival Santander, BBVA has been expanding in emerging economies as it struggles to boost income in more mature markets, though some analysts point to risks from its exposure to current macroeconomic uncertainty in Turkey.