RBC Updates Price Target, Estimates for CaixaBank Post-Q3 Results

02:23 AM EST, 11/02/2026 (MT Newswires) -- RBC Capital Markets revised its price target and earnings forecasts for CaixaBank (CABK.MC) after the Spanish lender published its third-quarter earnings. In a model update published Monday, the research firm projects full-year 2026 net interest income of 11.07 billion euros, compared with management's target of above 11 billion euros, while its revenue from services estimate of 5.64 billion euros is consistent with the bank's upgraded goal of more than 5.6 billion euros. CaixaBank's previous service revenue guidance was up 5%. "We expect growth in NII to accelerate, increasing to c.13.9% y/y in FY27, well above our c.5.3% H2'26E y/y growth estimate, supported by further lending yield expansion, contained deposit costs, volume growth and ALCO tailwinds. Our FY27 estimates are underpinned by Group performing loan growth of c.4.8% y/y and Group customer fund growth of c.4.4%. Our NIM model assumes a Q4'26 reported customer spread of 290bps (guidance c.300bps adjusted spread), increasing to an average of 300bps in FY27," the note said. Meanwhile, analysts cut their 2028 pretax profit assumption by 1%, reflecting lower-than-anticipated net interest income, due to expectations of lower net interest margin and deposit growth, as well as reduced trading and other income. These headwinds are projected to be partially offset by higher insurance income and gains from asset disposals. Against this backdrop, RBC lifted the stock's price target to 13.50 euros from 12.50 euros, while maintaining its sector perform rating.