Banco BBVA Argentina initiated with a Sell at Goldman Sachs

Goldman Sachs initiated coverage of Banco BBVA Argentina (BBAR) with a Sell rating and $15 price target The firm believes the bank is in a weaker position to improve its profitability relative to peers. BBVA has the lowest Tier 1 ratio at 18% and it already has more exposure to loans, the analyst tells investors in a research note. Goldman is taking a more balanced view on the group following the share rallies on lower inflation and better economic growth.