Santander: shares weaken on UBS downgrade

(CercleFinance.com) - Shares in Santander fall 1.
8% as one of the biggest decliners on Madrid's main index, IBEX 35, after UBS downgraded the stock this morning.

In a note to clients, the brokerage said it has cut its view on Santander to "neutral" from "buy," with a new target price of 4.30 euros, from 5.05 euros previously.

Its analysts said prospects of a lower yield curve in Europe have lead them to adopt a more bearish view on Spanish banks.

The shares of Banco Santander are currently down 1.8% at 4.05 euros.

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