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Santander: Oddo raises rating

( - Oddo BHF raises its rating from 'neutral' to 'outperform' on Santander, with a price target upped from 3.
3 to 3.7 euros, considering the currently price an entry opportunity to the Spanish bank.

Following the reassuring quarterly figures and roadshow, the Oddo sees Santander's operational prospects as positive in the short- and long-term leading it to increase its net profit forecasts by 9% on average for 2021/2023.

The analyst cites an improvement in profit prospects that is not sufficiently taken into account at this stage by the market given the evolution of the share since the beginning of the year (+22%, i.e. below the sector's +31%).

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