Deutsche Bank Upgrades Banco Santander (SAN) to Buy

August 31, 2016 7:59 AM EDT
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Price: $5.43 +1.12%

Rating Summary:
    6 Buy, 2 Hold, 2 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Deutsche Bank upgraded Banco Santander (NYSE: SAN) from Hold to Buy with a price target of EUR4.35. Analyst Ignacio Ulargui highlighted strong earnings momentum.

"Our thesis is supported by a strong earnings momentum, driven by solid pre-provisioning profit and a better outlook for cost of risk in Brazil. We believe organic capital generation will be enough to dispel concerns on the capital position. The stock trades at an attractive valuation of 8.1x 2017 P/E and 0.75x 2017E P/TNAV," said Ulargui.

For an analyst ratings summary and ratings history on Banco Santander click here. For more ratings news on Banco Santander click here.

Shares of Banco Santander closed at $4.37 yesterday.

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