BBVA
BBVA (Banco Bilbao Vizcaya Argentaria) is a Spanish multinational banking group headquartered in Bilbao, with operational offices in Madrid and its largest businesses in Spain and Mexico. Its equity research on Mexican listed companies is produced by BBVA México.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 412M
- Actions
- 412M
- Ratings / Price targets
- 4 / 0
- Upgrades / Downgrades
- 3 / 1
- Buy-rated
- 75%of 4 rated
- On record
- Aug 2013 – Aug 2026
Overview
Equity research sits in the cash equity research unit of BBVA Corporate & Investment Banking, with analysts at BBVA México in Mexico City covering Mexican listed companies; economic analysis is published separately by BBVA Research.
BBVA traces its origin to Banco de Bilbao, founded in 1857. Banco de Bilbao merged with Banco de Vizcaya in 1988 to form BBV, which combined in 1999 with Argentaria, a group of formerly state-owned banks privatised in 1993-98, to create BBVA. It expanded across Latin America from the mid-1990s and took control of Mexico's Bancomer, renamed BBVA México in 2019. A 2024-25 hostile bid for Banco Sabadell lapsed after winning acceptances for about 25% of shares.
Milestones
- 1857
Banco de Bilbao founded in Bilbao
- 1988
Banco de Bilbao and Banco de Vizcaya merge as BBV
- 1999
BBV and Argentaria merge to form BBVA
- 2019
BBVA Bancomer renamed BBVA México
- 2025
Hostile takeover bid for Banco Sabadell fails
Firm facts
- Legal name
- Banco Bilbao Vizcaya Argentaria, S.A.
- Type
- Full-service
- Founded
- 1857
- Headquarters
- Bilbao, Spain
- Listing
- NYSE: BBVA
- Chief Executive Officer
- Onur Genç
- Rating scale
- OutperformMarket PerformUnderperform6-12 months
- Website
- bbva.com
Research philosophy
The BBVA Group's added value is based on local knowledge and high specialization.
As of 2026, BBVA México says its Latin American equity analysts in Mexico City, Bogotá and Lima focus on fundamental research to identify investment opportunities in their markets. Their work informs Top Picks México, a model portfolio of five stocks rated Outperform, selected through macroeconomic, sector and company analysis. BBVA's conduct rules require research departments to operate independently of other departments.
Rating methodology
Stocks are rated Outperform, Market Perform or Underperform by expected return versus a benchmark, with a five-percentage-point band, over six to twelve months.
Coverage12M
Sectors
Most covered24M
| Stock | Rating | Target |
|---|---|---|
| ALALPKF | Outperform | — |
| EMEMBVF | Outperform | — |
 Fomento Económico Mexicano, S.A.B. de C.V.FMX | Market Perform | — |
| LCLCMRF | Outperform | — |
Recent actions
| Date | Stock | Rating action | Rating |
|---|---|---|---|
| Aug 25 | LCLCMRF | Upgrade | Outperform |
| Aug 24 | ALALPKF | Upgrade | Market Perform →Outperform |
| Aug 24 | EMEMBVF | Upgrade | Market Perform →Outperform |
| Aug 24 | Fomento Económico Mexicano, S.A.B. de C.V.FMX | Downgrade | Outperform →Market Perform |
| Nov 30, 2020 | CXCEMEX, S.A.B. de C.V.CX | Upgrade | Market Perform →Outperform |
| Oct 14, 2020 | SCSouthern Copper CorporationSCCO | Downgrade | Market Perform →Underperform |
| Aug 14, 2013 |  América Móvil, S.A.B. de C.V.AMX | Downgrade | Outperform →Underperform |