Oddo BHF has reiterated its 'outperform' rating on CaixaBank, with the target price raised from 5.8 to 5.9 euros, following 2023 annual figures which 'confirm the favorable trend on both the operating and balance sheet fronts'.

This robustness, coupled with an adequately diversified business model, confirms the stock as one of our top picks in the sector in the current uncertain/challenging environment (macro, interest rates, etc.)", says the research firm.

Oddo BHF remains positive on the Spanish bank's fundamentals, and raises its net income estimates for 2024-26 (+2% on average). The stock's valuation remains attractive, despite the recent more favorable trend," it adds.

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