(News Bulletin 247) – Oddo BHF reiterates its ‘outperformance’ opinion on Santander, with a price target raised from 4.2 to 4.7 euros, suggesting a potential upside of 40%, in the wake of an increase 12% on average of its net income estimates for 2023/2025.
‘The recent Investor Day suggests a significant improvement in the group’s profitability and shareholder return driven by favorable momentum on the topline and good discipline on costs as well as by the quality of assets/CoR’, judge the analyst.
According to him, the current valuation of the Spanish bank still insufficiently reflects these positive prospects, and ‘the gradual adjustment of the consensus to these new guidance, which is still not very visible, should constitute a catalyst for the title’.
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