Santander: Oddo BHF downgrades stock, cuts target price
(CercleFinance.com) - An analyst at Oddo BHF today said that he is downgrading his “buy” rating on the Santander share, while cutting his corresponding target price, considering that for the Spanish banking group, the situation now looks more complicated.
The recent worsening of the health crisis in some of the group's key markets - particularly Brazil - and its economic impact on key markets should shake up the group's operations more than expected and ultimately maintain tension on capital. As such, the broker is more cautious towards the stock.
Oddo BHF is therefore downgrading its previous “buy” rating on the share to "neutral," having cut its corresponding target price to 2.80 euros (from 3.40 euros previously).
The analyst says that aAfter the sector's recent global rebound (>30% vs. the lowest point YTD), the stock's catalysts for outperformance seem limited in our opinion.
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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.
The recent worsening of the health crisis in some of the group's key markets - particularly Brazil - and its economic impact on key markets should shake up the group's operations more than expected and ultimately maintain tension on capital. As such, the broker is more cautious towards the stock.
Oddo BHF is therefore downgrading its previous “buy” rating on the share to "neutral," having cut its corresponding target price to 2.80 euros (from 3.40 euros previously).
The analyst says that aAfter the sector's recent global rebound (>30% vs. the lowest point YTD), the stock's catalysts for outperformance seem limited in our opinion.
Copyright (c) 2020 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.