Santander: Oddo raises target price
(CercleFinance.com) - Oddo BHF reiterates its "outperform" rating on Santander shares, raising its target price for them from E4.
2 to E4.7, which suggests upside potential of 40%, after analysts raised their 2023/2025 earnings estimates by an average of 12%.
The analyst said that Sabtander's recent Investor Day suggested a significant improvement in the group's profitability and return to shareholders driven by favourable sales momentum and sound cost discipline, as well as asset quality/CoR.
He adds that the Spanish bank's current valuation still does not reflect these positive prospects sufficiently, and that the consensus' gradual adjustment to these new guidelines (which is still not particularly visible), should be a catalyst for the share.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
2 to E4.7, which suggests upside potential of 40%, after analysts raised their 2023/2025 earnings estimates by an average of 12%.
The analyst said that Sabtander's recent Investor Day suggested a significant improvement in the group's profitability and return to shareholders driven by favourable sales momentum and sound cost discipline, as well as asset quality/CoR.
He adds that the Spanish bank's current valuation still does not reflect these positive prospects sufficiently, and that the consensus' gradual adjustment to these new guidelines (which is still not particularly visible), should be a catalyst for the share.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.