Deutsche Bank Starts Grupo Santander Mexico (BSMX) at Buy

Deutsche Bank initiates coverage on Grupo Santander Mexico (NYSE: BSMX) with a Buy. PT $17.00.

The firm comments, "We view Santander Mexico as a core holding to participate in the potential upside of Mexico's financial system given its leading franchise, strong track-record, and solid capital levels. We expect the bank to post double-digit earnings growth in the next couple of years, in addition to having an attractive 50% dividend payout ratio. Finally, valuation compares favorably to peers, especially considering the bank's superior profitability."

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

Shares of Grupo Santander Mexico closed at $13.77 yesterday.

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