Oddo BHF maintains its 'outperform' rating on CaixaBank shares, raising its target price for them from €9.7 to €10.2, following the Spanish bank's quarterly results, which included a 3% average increase in net income estimates for 2025-27.

The results confirm the favorable operational performance, suggesting once again an upward revision of the 2025 guidance, the analyst says, who also pointed to the confirmed balance sheet strength and the expected momentum from the appropriate diversification of the business model.

Despite a solid stockmarket performance (+72% YTD, +13 points compared to the SX7E index), the new upgrade in guidance should result in a continued rerating in the short term with an attractive stock valuation, he continues.