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Santander: Credit Suisse cuts target price

( - Credit Suisse reiterates its "neutral" rating on the share of Spanish bank Santander, while cutting its target price from 2.
5 euros to 2.2 euros, in a report on the main Spanish banks, regarding which it says that it remains cautious.

After the second quarter, BBVA and Santander underperformed the European banking sector by some 5%-8%, although analysts "continue to see potential downside risk to consensus estimates for both revenue growth and cost of risk (CoR) across emerging markets".

Crédit Suisse underlines "Headwinds post Q2: GDP expectations, FX and Euribor deteriorated almost across the board", which it believes "will act as a further headwind to consensus estimates".

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