Europe’s Banks Looking Cheap After Six-Year Struggle: Chart

European banks are enjoying positive earnings revisions after six years of downgrades, generating optimism among investors who see them as one of the cheapest sectors based on profit, and the only one trading below book value. “Banks have gone from uninvestible to unavoidable,” Geoff Dawes, an analyst at Societe Generale SA in London, wrote in a note Tuesday. Spain’s Banco Bilbao Vizcaya Argentaria SA reported better-than-expected earnings on Wednesday, as did UBS Group AG last week.

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