Santander: UBS still a buyer, raises TP
(CercleFinance.com) - UBS confirms its "buy" rating on Santander shares, nudging up its target price for them from E5.
4 to E5.5, with its new target price offering 59% upside potential for the Spanish banking group's stock.
In its Q3 23 review, it has a mixed view of Santander's third quarter, saying, "Brazilian box ticked", although "US not so much" and a disappointment in Spain.
UBS says that a stabilisation in the US is still needed to activate "the valuation angle", with the broker deeming in its comments that the financial institution's valuation remains "heavily discounted".
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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.
4 to E5.5, with its new target price offering 59% upside potential for the Spanish banking group's stock.
In its Q3 23 review, it has a mixed view of Santander's third quarter, saying, "Brazilian box ticked", although "US not so much" and a disappointment in Spain.
UBS says that a stabilisation in the US is still needed to activate "the valuation angle", with the broker deeming in its comments that the financial institution's valuation remains "heavily discounted".
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.