BBVA reinstated with an Overweight at JPMorgan

Group 1 - JPMorgan has reinstated coverage of BBVA with an Overweight rating and a price target of EUR 23.50 [1] - The firm believes BBVA can return EUR 30 billion of capital to shareholders over the next three years [1] - The Overweight rating is supported by BBVA's growth, optionality, and attractive shareholder returns [1]