UBS reaffirms its 'buy' recommendation on BBVA, with its price target raised from 11.45 to 11.85 euros, a new target that implies a 15% upside potential for the Basque banking institution's shares.

'Earnings risk should remain on the upside, but valuation upside potential is more limited after outperformance. Competition in deposits in Mexico requires close monitoring', the broker believes.

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