Deutsche Bank Upgrades Banco Santander - Chile (SAN) to Buy; Opportunity to Buy One of the World�s Most Profitable Banks at a Discount

Deutsche Bank upgraded Banco Santander - Chile (NYSE: SAN) to Buy, price target lowered from $96 to $85.

Deutsche analyst says, "On Friday, Santander Chile filed a statement with the SEC saying that Santander Spain will not sell any more shares of Santander Chile for at least one-year from the completion of the recently announced offering for 8% of the bank. Furthermore, Santander Spain would lose certain majority rights with less than 2/3 ownership of Santander Chile. While the offering could still present some overhang risk until it is completed, given its large size (~US$900mn), we find significant value in the stock at current levels and upgrade the name."

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

Shares of Banco Santander - Chile closed at $62.69 yesterday.

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