UBS reaffirms its 'buy' recommendation on BBVA (Banco Bilbao Vizcaya et Argentaria) while raising its target price from 11.85 to 12.35 euros, a new target implying a 13% upside potential for the Spanish bank's stock.

BBVA's first-quarter results confirm the bank's ability to maintain its high-yield profile, but still raise the question of where earnings growth beyond 2024 will come from," said the broker the day after the publication.

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