The Spanish stock market faces the last session of September with the Ibex 35 at 19,515.4 points after falling by 0.43%. Deutsche Bank raises the target price of Iberdrola to €22 and UBS upgrades CaixaBank to buy at €14.90.
The Ibex 35 faces this Wednesday the last session of September after closing yesterday at 19,515.4 points, with a drop of 0.43% that moves it further away from the 20,000 mark. Under the index, movements are more intense: new analyst recommendations, the price of oil, and interest rate pressure put seven companies on the radar, according to tiempodeinversion.com.
Iberdrola arrives with one of the most recent catalysts. Deutsche Bank has improved its recommendation and raised the target price from €18.50 to €22. The move comes after a period of stock market strength, not after a major correction, so the market is watching whether the new valuation continues to attract purchases.
ACS introduces a different story: data centres and artificial intelligence. The group has become an indirect way to expose itself to the level of investment needed to develop data centres, electrical networks, and digital infrastructure, especially in the United States. Deutsche Bank maintains a positive outlook on ACS, although it has recently lowered its target price, and Bank of America also maintains a favourable recommendation.
Repsol remains on the radar after a sharp drop in the previous session. The company had been one of the major beneficiaries of rising oil prices, but the change in direction shows its sensitivity to expectations about oil. Among the recommendations published by the company, Jefferies maintains a buy with a target of €34; Berenberg, buy with €37.50; Goldman Sachs, buy with €32; and RBC, outperform with €38. Bank of America maintains underperform, with €25.
The banking sector remains fundamental to explain the behaviour of the Ibex. UBS has recently upgraded CaixaBank to buy and sets a target price of €14.90. The thesis is related to the possibility that rates will remain high for longer. However, the previous session demonstrated that high rates do not automatically mean increases for banks: credit, financing costs, and economic developments also matter.
Banco Sabadell brings another relevant movement. BNP Paribas has changed its mind after 15 years and has improved its recommendation on the stock. The French entity thus joins a list of changes in opinion affecting several Spanish banks in recent weeks.
In the telecommunications infrastructure sector, Cellnex continues to be attentive to the evolution of interest rates and its ability to reduce debt. The company has been one of the most sensitive to movements in the bond market.
Inditex completes the list of stocks to watch. The Galician textile company faces the session with an eye on consumer data in Europe and the evolution of its online sales, after a summer of uneven performance in the retail sector.
The last session of September thus presents a combination of factors: analyst recommendations, oil prices, and expectations about interest rates. The close of the month and the quarter may add volatility to a day when investors will try to confirm whether the Ibex can regain ground or if it prolongs the correction.
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