Santander: UBS still a buyer, adjusts TP

(CercleFinance.com) - UBS confirms its 'buy' recommendation on Santander shares, nudging up its TP from E6.
2 to E6.3, representing 40% upside potential for the stock, the day after the Spanish bank's quarterly publication.

The broker considers the stock's reaction to this publication to be 'overdone'. A relatively defensive earnings profile and cheap valuation should provide support, with outperformance contingent on targets being met, it says.


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