BBVA
Banco Bilbao Vizcaya Argentaria, S.A.
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.
Company history
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.
- 1857Banco de Bilbao founded in Bilbao
- 1988Banco de Bilbao and Banco de Vizcaya merge as BBV
- 1999BBV and Argentaria merge to form BBVA
- 2019BBVA Bancomer renamed BBVA México
- 2025Hostile takeover bid for Banco Sabadell fails
Research
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. 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
- Stocks
- 4
- Ratings
- 4
- Price targets
- 0
- Upgrades
- 3
- Downgrades
- 1
- Initiations
- 0
- Reiterations
- 0
- Positive75%3
- Neutral25%1
- Negative0%0
Sectors
Ratings
Listing
Activity24M
Most covered24M
| Stock | Rating | Target |
|---|---|---|
| ALALPKF | Outperform | — |
| EMEMBVF | Outperform | — |
 FMXFomento Económico Mexicano, S.A.B. de C.V. | Market Perform | — |
| LCLCMRF | Outperform | — |
Recent actions
| Stock | Rating action | Rating | Date |
|---|---|---|---|
| LCLCMRF | Upgrade | Outperform | Aug 25 |
| 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 | Aug 24 |
| CXCEMEX, S.A.B. de C.V.CX | Upgrade | Market Perform →Outperform | Nov 30, 2020 |
| SCSouthern Copper CorporationSCCO | Downgrade | Market Perform →Underperform | Oct 14, 2020 |
 América Móvil, S.A.B. de C.V.AMX | Downgrade | Outperform →Underperform | Aug 14, 2013 |
References
- Banco Bilbao Vizcaya Argentaria - Wikipediaen.wikipedia.org
- BBVA México - Wikipediaen.wikipedia.org
- Important Disclosures - BBVA Cash Equity Research (Mexico equities, 2025)bbvamarketstrategy.com
- BBVA fails in $19 billion takeover battle for Sabadell (Reuters, 2025)reuters.com
- Carlos Torres Vila: BBVA faces 2026 with confidence (BBVA, 2026)bbva.com