Deutsche Bank Upgrades Banco Santander (STD) & BBVA (BBV) to Buy on Valuation; STD Added as 'Top Pick'
More News related to BBV
- BBVA Compass Ranks Third Nationally in SBA 7(a) Loan Volume for Fiscal Year 2009
- 2010 IR Global Rankings: Invitation for Investors and Analysts Vote for Companies with the Best IR Program and for the Best IR Officer
- Natixis Bleichroeder Upgrades Banco Bilbao Vizcaya Argentaria SA (BBV) to Add
- Sybase 365 iPhone Mobile Banking Application Enables Financial Institutions to Further Extend Full-Service Mobile Banking to Their Customers Anywhere in the World
- Don't Miss Out! The Registration Period for the 2010 IR Global Rankings Ends TOMORROW!
More News related to STD
- Almost 100,000 Move Home To Escape Neighbours From Hell - Santander UK
- Brits to Spend 3.45 Billion Pounds of Savings on Christmas this Year - Santander UK
- Alliance & Leicester's 100 Pounds Cash Bonus Back By Popular Demand For Two Weeks Only
- Santander Celebrates Five Years in the UK
- HSBC Finance, Santander Consumer in Agreement on HSBC's US Auto Business
More News related to Upgrades
- After-Hours Movers 12/03: LAVA, MRVL, FLOW, NX, AVGO Higher; TTWO, VSNT, SWHC, ZIOP, MENT, WES Lower
- Trading Radar for 12/4: Big Lots (BIG), Royal Bank of Canada (RY), Sirona Dental (SIRO) Report
- Unusual 11 Mid-Day Movers 12/03: ICOC, KTCC, CCRT, FFHL Higher; GRH, RSCR, ALOY, ARO Lower
- Notable Analyst Rating Changes 12/03: BAC, BKD, AVB, THC, RIG Upgraded; KIM, GENZ, REG, TCK Downgraded
- Notable Midday ETF Movers 12/3: EWJ, TUR Up; UNG, OIH, GDX Down
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.
Related Categories
UpgradesStocks Mentioned
+0.00
-0.11Related Entities
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
