HSBC Upgrades Banco BBVA Argentina S.A (BBAR) to Buy

HSBC analyst Carlos Gomez-Lopez upgraded Banco BBVA Argentina S.A (NYSE: BBAR) from Hold to Buy with a price target of $17.00 (from $21.00).

The analyst comments: "BBVA Argentina is determined to grow and gain market share organically, after arguably being slow and having to catch in the previous cycle (2016-2019). The company is executing its strategy successfully, expanding with good asset quality and taking advantage of the mergers of its peers. The biggest risk factor, in our view, is that the parent company might decide to buy out minorities with a relatively small premium (typically 15%), thus capping the upside for current shareholders. We note that in January 2001, BBVA launched a tender offer for the local shares, which was only pulled in June 2021 after a sharp move in the market, and ahead of the devaluation that took place in December 2021."

For an analyst ratings summary and ratings history on Banco BBVA Argentina S.A click here. For more ratings news on Banco BBVA Argentina S.A click here.

Shares of Banco BBVA Argentina S.A closed at $8.32 yesterday.

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