Santander: Oddo BHF still a buyer; alters target

(CercleFinance.com) - Oddo BHF reiterates its "buy" recommendation on the Santander stock, but has mechanically trimmed its corresponding target price from 6.
5 euros to 6 euros, after cutting its average earnings estimates for 2018-21 by an average of 6%.

The broker says that the quarterly results of the Spanish bank are overall solid, with underlying net income that is 3% above the consensus, and confident comments from management regarding financial targets for 2018.

Q3 confirms improvements in the trend that were already seen in Q2 on key markets, says the analyst, who also believes that the share's valuation remains attractive relative to the banking sector.


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