Goldman Sachs, Bankinter and Renta 4 have selected their favourite stocks from the Ibex 35 for the second half of the year. Indra, BBVA, Naturgy, Santander and Inditex are some of the bets with bullish potential.
Analysts from Goldman Sachs, Bankinter and Renta 4 have laid their cards on the table for the second half of 2026. With the Ibex 35 in positive territory, the firms agree that there are buying opportunities in sectors such as defence, banking, energy and consumer goods. The key is to choose stocks with solid fundamentals and attractive valuations.
Indra, the national champion of defence according to Bankinter
Bankinter has renewed its simplified model portfolio for the Spanish stock market for the third quarter. The main novelty is the inclusion of Indra with a weight of 15%, replacing Endesa. The company shares the spotlight with MERLIN Properties, also at 15%.
The rest of the portfolio is completed with 20% for Naturgy and 25% for each of the major banks: BBVA and Banco Santander. According to the entity, Indra is the national champion of defence in Spain.
The company's fundamentals are solid: with hardly any leverage (DFN/EBITDA 0.4x) and expected growth rates of >40% (BNA TACC 25/28) in the defence segment vs +25% sector average, notes Bankinter.
The firm highlights that Indra's valuation multiples are lower than those of its European competitors. The estimated P/E ratio for 2027 in the defence segment is approximately 19.0x, compared to a sector average of 23.0x. Bankinter recommends buying the stock with a target price of 58 euros per share.
BBVA and Naturgy, Goldman Sachs' bets
Goldman Sachs has also made its move. The US entity keeps BBVA among its favourite stocks, supported by the rise in interest rates that benefits banks. Analyst Sofie Peterzens has raised her profit estimates following the first quarter results.
The investment bank has improved its earnings forecasts by 2% until 2028. Its recommendation is to buy, with a target price raised to 26.40 euros per share, up from the previous 24.90.
Additionally, Goldman Sachs bets on Naturgy, which it considers an undervalued company by the market. The firm has also increased its stake in Sacyr to 5.38%, up from 3.37%, reinforcing its confidence in the stock.
From Estrategias de Inversión, Banco Santander is included in the trend portfolio with a weight of 10%. The stock has accumulated a revaluation of over 5% since its inclusion. Analyst José Antonio González highlights that it shows upward cuts in the MACD oscillator, increases in weighted directional volume, and exhibits a growing underlying structure.
The portfolio also includes Ferrovial and Aena, although without detailing their specific weights.
Inditex, Renta 4's quality bet
Renta 4, through its European fund, has chosen Inditex as its favourite Spanish stock. Manager Javier Galán believes that the textile giant should be in any quality portfolio.
Inditex has a market share of around 1% globally. But the key is not so much in the business itself, but in its business model. Its organisational capacity to be present in all the places in the world where that garment is sold, and its flexibility to produce it at a very low price, with much lower logistical costs than the competition, is extraordinary, says Galán.
The manager emphasises that no other global company has managed to replicate that model, which gives Inditex a competitive advantage that is hard to match.
For individual investors, these recommendations offer a clear roadmap: diversify across sectors with tailwinds. Banking benefits from high rates, defence grows due to geopolitical spending, energy offers value, and quality consumption remains a refuge. Target prices indicate an upside potential of between 10% and 20% in the coming months, according to the firms.
Past returns do not guarantee future ones, but the fundamentals of these stocks and the backing of top analysts make them candidates to watch closely in the second half of the year. Interested investors can consult the full reports on the entities' websites.
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