The titles of Caixabank They are up 15 percent so far this year and the market consensus compiled by Bloomberg shows a potential for revaluation for the next 12 months of more than 25 percent.
The average return that experts see in the Catalan entity would place the value at levels not seen since March 2019, above 3 euros. The current average target price is 3.07 euros and in recent sessions it trades between 2.4 euros and 2.5 euros.
Caixabank has the ropes to achieve the objective, it defends the consensus, but first it must win the tough battle that value faces in the short term, according to the technical analysts consulted.
“The technical situation is not comfortable, the value is lateralized and short-term weakness has come to him after losing the average of 200 sessions situated at 2.60 euros “, explains the head of analysis of finanzas.com and from the magazine Investment, Josep Codina.
A big rebound from 2.35 euros
The securities must overcome this level to improve the technical outlook and aim for higher rises, first overcoming the resistance of 2.50 euros, which until its loss acted as support.
The analyst of Big José Luis Herrera Bank highlights the fact that “it seemed” that the value would continue a downward path by losing the level of 2.46 euros, “which was a clear support since September.”
Nevertheless, It is now supported by the levels of 2.35-2.36 euros where a bullish streak began which brought the value to 2.89 euros in May.
Codina shares with Herrera the analysis that the 2.35 euros are a level that should not be lost as they can anchor him in the current side scenario, “but with a very downward bias that would take him to the area of 2.10 euros.”
The 2.75 euros as a turning point
Experts agree that this scenario is practically ruled out and that the aforementioned 2.35 euros suggest a new rally “With a turning point at 2.75 euros to enter an impulsive phase towards higher levels”, Codina fencing.
That is, activate the market consensus estimate of seeing the value above 3 euros for the next 12 months once the short-term pressure has been overcome.
The confidence of the consensus at these levels also translates into a majority of “buy” advice. 56 percent of the experts that nurture the panel of Bloomberg Bet on it.
Caixabank also ranks as the IBEX 35 entity with the lowest “sell” recommendations, only 4 percent of the consensus prefer this option.
PER brings attractiveness for entry
The price of the securities is also positioned as an incentive to open a bet on Caixabank since it is the cheapest entity among its IBEX 35 peers based on the price-earnings ratio known as PER.
Caixabank’s current PER is 3.52 times and it will continue to be the lowest of the large Spanish banks despite the fact that projections suggest that it will increase it in one year to 6.54 times.
Santander Bank it follows Caixabank with a PER of 10.13 times today, which will drop to 7.28 times. Third place is for BBVA 10.92 times now and 9.66 times at 12 months.
Bankinter registers a PER of 11.90 times currently and would reduce it in one year to 11.80 times, while the largest drop will be recorded Sabadell Bank going from the current 22.21 times to 12.84 times. Despite the fall, it would be the highest of the big banks in a year.