Santander: Oddo edges up TP

(CercleFinance.com) - Oddo BHF has reiterated its "outperform" rating on Santander shares, nudging up its corresponding target price from 3.
9 euros to 4 euros (current price about 2.8 euros, +0.7%), which suggests upside potential of around 40% for the Spanish bank's stock, well above the sector average of around 10%.

Following a pre-Christmas analyst meeting with the CFO, we have reinforced our positive view on Santander's short-to-medium term operational and solvency outlook, the analyst said.

Oddo has increased its earnings estimates by an average of 3% for 2021-23, with a more favourable bias regarding the trend of revenues (+2% increase). In fine, its expectations exceed the consensus by an average of around 6% for the sequence.


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