Andbank sees options on the IBEX 35 up to 8,400 points

The investment bank considers that the Spanish selective gives entry opportunities from 7,276 points and that the bet should be abandoned when it reaches 8,377 integers

Anbank shows prudence and caution in the IBEX 35 and places its estimate for the selective below the market consensus

Andbank is suspicious of the Spanish stock market for this course and points out that the movements in its main indicator, the IBEX 35, for this course must be led by “prudence”.

Thus, the investment firm estimates that the selective offers an entry opportunity over 7,276 points and that it would be necessary to collect benefits when it exceeds 8,377 integers as the maximum level established for this course by the entity.

The Andorran bank is below the market consensus regarding the IBEX 35 as there are several analysis houses and management companies that do see more potential for the indicator, placing it above 9,000 points at the end of the year.

Economic prospects as a catalyst

Andbank’s chief economist and chief investment officer at Spain, Alex Fusté, points out that the reason why they show greater pessimism for the Spanish market resides in “the continuous downward revisions of economic growth for the country.”


The International Monetary Fund (IMF) reduced its estimate for the Spanish economy in 2021 to a growth of 5.5%, below the 7% expected by the Government.

“A 5% growth, after the impressive fall this year, means not recovering even half of the ground lost by the pandemic. It is a very low estimate for the year where good growth is expected in the rest of the comparables ”, said Fusté during the presentation of perspectives for this course of the entity.

Andbank rules out a bubble in the markets

Andbank is positive with the markets for this course and rules out that there will be “a bubble in the stock markets considering that the assets are expensive or overvalued,” Fusté said.

Their argument resides in the fact that risk assets have tailwinds hand in hand with vaccines and although the slow process of dose administration is worrying in relevant geographies such as the European Union, the bottleneck will be overcome and the bags will pick it up.

For this reason, he does not believe that the markets are deflated due to events such as that business results are being better than expected and, therefore, the valuations are not being high, according to his criteria.

Europe ahead of the United States

In this sense, they believe that the European market is more attractive than the United States and they estimate EPS for this year in the Eurostoxx 300 Y Eurostoxx 600 5% higher than the market consensus, up to 22.5 euros and 23.5 euros respectively.

For the USA, Andbank considers an EPS target for companies in the S&P 500 from 170 to 175 dollars with a fundamental value for this selective at 3,500 points and output at 4,025.

Biden would reduce his injection to the economy

In that country, Fusté pointed out that the market should discount the fact that the president of the United States, Joe Biden, “It will reduce its promise of $ 1.9 trillion in stimulus to 1.3 or even $ 1 trillion.”

The chief economist of the investment bank bases his argument on that Biden will not introduce major legislative changes and that he will rule out tax increases, thus following the path of Donald Trump, “By setting the goal of having a good relationship with the Republican Party and meeting detractors of the increase in taxes in their own party.”

Still, he believes that the United States and UK They will be the winners of the race in economic recovery due to their volume of vaccination that would bring immunity at the end of the course, while the countries of the European Union will have to wait, according to their estimates, until well into 2022.

As an example for economic differentiation he points to the fact that the major powers in the euro area, Germany Y France, they cut their estimates. In the French case, the Government has already reported that it is difficult to reach 6% growth, and with respect to Germany, its official projection has gone from 4.4% to 3%, placing it below the consensus.

The investment bank considers that the Spanish selective gives entry opportunities from 7,276 points and that the bet should be abandoned when it reaches 8,377 integers


Anbank shows prudence and caution in the IBEX 35 and places its estimate for the selective below the market consensus

Andbank is suspicious of the Spanish stock market for this course and points out that the movements in its main indicator, the IBEX 35, for this course must be led by “prudence”.

Thus, the investment firm estimates that the selective offers an entry opportunity over 7,276 points and that it would be necessary to collect benefits when it exceeds 8,377 integers as the maximum level established for this course by the entity.

The Andorran bank is below the market consensus regarding the IBEX 35 as there are several analysis houses and management companies that do see more potential for the indicator, placing it above 9,000 points at the end of the year.

Economic prospects as a catalyst

Andbank’s chief economist and chief investment officer at Spain, Alex Fusté, points out that the reason why they show greater pessimism for the Spanish market resides in “the continuous downward revisions of economic growth for the country.”


The International Monetary Fund (IMF) reduced its estimate for the Spanish economy in 2021 to a growth of 5.5%, below the 7% expected by the Government.

“A 5% growth, after the impressive fall this year, means not recovering even half of the ground lost by the pandemic. It is a very low estimate for the year where good growth is expected in the rest of the comparables ”, said Fusté during the presentation of perspectives for this course of the entity.

Andbank rules out a bubble in the markets

Andbank is positive with the markets for this course and rules out that there will be “a bubble in the stock markets considering that the assets are expensive or overvalued,” Fusté said.

Their argument resides in the fact that risk assets have tailwinds hand in hand with vaccines and although the slow process of dose administration is worrying in relevant geographies such as the European Union, the bottleneck will be overcome and the bags will pick it up.

For this reason, he does not believe that the markets are deflated due to events such as that business results are being better than expected and, therefore, the valuations are not being high, according to his criteria.

Europe ahead of the United States

In this sense, they believe that the European market is more attractive than the United States and they estimate EPS for this year in the Eurostoxx 300 Y Eurostoxx 600 5% higher than the market consensus, up to 22.5 euros and 23.5 euros respectively.

For the USA, Andbank considers an EPS target for companies in the S&P 500 from 170 to 175 dollars with a fundamental value for this selective at 3,500 points and output at 4,025.

Biden would reduce his injection to the economy

In that country, Fusté pointed out that the market should discount the fact that the president of the United States, Joe Biden, “It will reduce its promise of $ 1.9 trillion in stimulus to 1.3 or even $ 1 trillion.”

The chief economist of the investment bank bases his argument on that Biden will not introduce major legislative changes and that he will rule out tax increases, thus following the path of Donald Trump, “By setting the goal of having a good relationship with the Republican Party and meeting detractors of the increase in taxes in their own party.”

Still, he believes that the United States and UK They will be the winners of the race in economic recovery due to their volume of vaccination that would bring immunity at the end of the course, while the countries of the European Union will have to wait, according to their estimates, until well into 2022.

As an example for economic differentiation he points to the fact that the major powers in the euro area, Germany Y France, they cut their estimates. In the French case, the Government has already reported that it is difficult to reach 6% growth, and with respect to Germany, its official projection has gone from 4.4% to 3%, placing it below the consensus.