Deutsche Bank Upgrades Banco Santander (SAN) to Buy
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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.
Shares of Banco Santander closed at $4.37 yesterday.
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