This post was just published on ZYX Buy Change Alert.
This is the largest bank in Spain. The bank is experiencing rapid growth outside Spain, especially in Latin America. It is one of the cheapest banks in the world due to its holdings of Spanish sovereign debt.
The position is long with an average price of $6.90. Currently, 40% of the full core position size is being held. Profits have been taken as high as $9.74.
The new buy one is $6.11 to $7.21. Target zone remains $16 to $18. This is a very long-term position.
European banks are inexpensive. If Greek situation is resolved, it will help European banks gain better valuations in the stock markets.
What To Do Now?
Those in the stock may continue to hold and consider accumulating more on a dip into the new buy zone.
Those not in the stock may start a small scale in and accumulate more on dips.
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