Deutsche Bank Upgrades Banco Santander (STD) & BBVA (BBV) to Buy on Valuation; STD Added as 'Top Pick'
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Deutsche Bank upgrades Banco Santander (NYSE: STD) & BBVA (NYSE: BBV) from Hold to Buy. STD added as a 'Top Pick'.
Deutsche analyst says, "We upgrade Santander and BBVA to Buy and raise their SOTP-based target
prices to E10.2 (from E7) and E12 (from E8.0), respectively, mainly on changes in earnings. These upgrades are not a fundamental change in our view or a short-term recommendation. Instead, while acknowledging the risks, we highlight two names that (besides trading at undemanding valuations) should be market share winners as they benefit from more solid positions than peers...An almost exclusive retail banking focus (which reduces their balance sheet risk profiles) together with diversified earnings streams provide Santander and BBVA two of the highest pre-provision margins in European
banking - a unique line of defence for earnings and capital, even under a stress scenario similar to that done by the US Federal Reserve. Our analysis suggests neither bank would lose money or become undercapitalized. This solid relative starting point should allow Santander and BBVA to be net market share winners in their respective home markets, which could translate into significant earnings enhancement."
Banco Santander S.A. is a banking company. At the primary level, its operating units are segmented by geographical areas, such as Continental Europe, United Kingdom and Latin America.
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