JPMorgan raises the ceiling for CaixaBank and Bankinter by more than 25%.

With the acceptance period for BBVA's takeover bid for Sabadell just beginning, JPMorgan analysts are shifting their attention to CaixaBank and Bankinter. The firm is giving both banks a boost on the stock market by revising their valuations by more than 25%.

Since the end of last week, BBVA's takeover bid for Sabadell has almost monopolized the attention of the Spanish banking sector. International firms, however, are also closely monitoring the performance of other Ibex banks. This is the case with JPMorgan Chase & Co.

The US bank today updated its stock market outlook for CaixaBank and Bankinter, the two least-performing banks on the Ibex in 2025. In both cases, JPMorgan analysts raised their valuations of the two banks by more than 25%, an improvement that erases their previous bearish bias.

CaixaBank's shares opened today with a 72% rally this year alone. Despite the magnitude of this increase, it has seen the second-lowest appreciation of the six Ibex banks.

The €8.65 CaixaBank closed at yesterday provides additional room for growth, reaching the new valuation set today by JPMorgan analysts. The US bank has raised its target price by 27% to €9.4 per share.

The strength of the valuation upgrade issued by JPMorgan gives CaixaBank an additional upside potential of 8.6% compared to the level at which its shares started today.

Bankinter's 69% appreciation since the beginning of the year has not prevented it from achieving the lowest increase of the six Ibex banks in 2025, significantly below the 93% increase recorded by Unicaja in the same period.

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